Singapore Air Cargo losses mount in first half
Singapore Airlines Cargo had a net loss of $139 million in the first half of its fiscal year, the airline said Tuesday.
That's a steep fall from the $55 million loss the cargo division incurred in the same period of 2008 and accounted for nearly half of Singapore Airlines' total $308 million in first half losses. The airline had substantial first-half losses attributable to fuel hedging.
'If the recent rise in price of fuel does not retreat, hedging losses will be reduced (for the full year), but conversely operating costs will be higher,' the airline said.
Singapore took delivery of eight new planes between April and September and decommissioned three of its oldest jets.