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Singapore Airlines Q1 profit falls 59 percent as oil price rise bites

Singapore Airlines Q1 profit falls 59 percent as oil price rise bites

Singapore Airlines Q1 profit falls 59 percent as oil price rise bites
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By Reuters Jul 26, 2018 5:03:17 PM IST (Published)

Singapore Airlines Ltd reported on Thursday a 59 percent fall in first-quarter net profit, below analyst expectations, due to a steep rise in the oil price and a lack of one-off items that had boosted profit the prior year.

Singapore Airlines Ltd reported on Thursday a 59 percent fall in first-quarter net profit, below analyst expectations, due to a steep rise in the oil price and a lack of one-off items that had boosted profit the prior year.

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The carrier, a benchmark for Asia's full-service airline industry, earned S$140 million ($102.89 million) in the three months ended June 30, down from a revised figure of S$338 million a year before, it said in a stock exchange filing.
The prior-year figure was restated due to accounting changes and had included one-off benefits from changes to its frequent flyer programme accounting and compensation for aircraft delivery slots.
Maybank had forecast a core net profit of S$251 million for the first quarter excluding exceptional items. However, an unidentified analyst had expected S$295 million, according to Thomson Reuters I/B/E/S.
Group revenues fell 0.5 percent to S$3.84 billion during the quarter.
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