Singapore Airlines' net profit declines on cargo fines; yields improve but outlook uncertain

Singapore Airlines, the world's second-largest carrier by market value, reported a 29% reduction in net profitability in 3Q2010 (three months to Dec-2010) as it booked charges relating to antitrust cargo fines in the US, EU and South Korea. Taking out the USD155.5 million in exceptional items, the carrier, which is 55% owned by Singapore state investor Temasek Holdings, would have reported a 20.7% increase in its quarterly profit, as a recovery in the global economy boosted air travel.