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Singapore Airlines first quarter profit falls - fuel hikes outpace yield gains

Singapore Airlines Group has unveiled a 15.4% fall in net profit in the three months ended 30-Jun-08 – a result that was better than market expectations. But the Group’s underlying airline business was hit harder by rising fuel costs (+70.6% year-on-year), with airline operating profits sagging 30.8%, against the Group’s 25.9% fall in operating profit. SIA clearly faces one of its biggest tests this financial year.

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