Singapore Airlines posts 54 percent drop in Q3 results

The third quarter of this year saw Singapore Airlines flights performing badly as the airline reported a sharp decline in its quarterly profits.
Singapore Airlines recently announced its operational results for Q3 2012 and posted a 54 percent drop in its profits.
 
Media reports said that the dismal performance of the airline was glaring and the results were much worse than what aviation industry experts had earlier expected.

The airline in a statement said that its net income declined to $74 million (90.1 million Singapore Dollars) in the third quarter ending in September from $158.47 million (194.2 million Singapore Dollars) during the same period in 2011.

Media reports said that aviation industry analysts had hoped that the airline would make a profit of $11.50 million (14.1 million Singapore Dollars).

Singapore Airlines said that it is facing stiff competition from its rival AirAsia. The airline said that its rival AirAsia is showing signs of making a significant dent in much of the market in the region because of its cheaper flights and expanding flight network to various cities.