Cathay Pacific, Singapore Airlines slump, Qantas and Virgin Blue lower – Share Wrap

Shares in Cathay Pacific and Singapore Airlines (SIA) fell 5.9% and 4.3% yesterday, as SIA unveiled a 92% slump in fourth quarter profit and warned fare discounting and a drop in premium bookings would continue to affect revenues. Cathay told a similar story earlier in the week, noting the slump in demand for premium traffic "continued unabated across the network" last month, "and this, combined with lower fares and adverse currency movements, again placed significant downward pressure on yields".