Singapore Airlines has announced a 36% drop in second quarter net profits from last year as the economic downturn took its toll.

Oil prices were also blamed as a factor in the losses after the airline spent S$1.92 billion dollars on fuel during the quarter – or 46% of total expenditure.

"Although advance bookings for the immediate next quarter are holding up reasonably well, there are signs of weakness beyond that. Fuel prices have retreated but fuel remains the biggest single item of operating expenditure," the airlines said in a statement.

Source: Routes News