Singapore Airlines suffers rare first quarter operating loss as yields collapse. Outlook grim

Singapore Airlines (SIA) has slumped to a SGD28.0 million operating loss in the three months ended 31-Mar-09, against a SGD468.1 million profit in the corresponding period of last year, as passenger and cargo demand, load factors and yields slumped. The airline suffered a pre-tax loss of SGD109.7 million, but tax benefits gave SIA a SGD65.1 million net profit for the period, down 92% year-on-year.