SINGAPORE, Feb. 10 (Xinhua) -- Singapore Airlines registered a 42.8 percent drop in net profit in the fourth quarter of 2008 over a year ago, the airline said on Tuesday.
The airline said in a statement that it earned a net profit of 337 million Singapore dollars (about 225 million U.S. dollars) from October to December 2008, down 42.8 percent or 253 million Singapore dollars (about 169 million U.S. dollars) from the same period a year ago.
The airline said its revenue declined 2.6 percent to 4,164 million Singapore dollars (about 2,777 million U.S. dollars) on weaker passenger and cargo carriage, while expenditure rose 5.7 percent to 3,807 million Singapore dollars (about 3,539 million U.S. dollars).
The company said while the drop of oil prices lowered its expenditure on fuel, losses in hedging amounted to 341 million Singapore dollars (about 227 million U.S. dollars), adding that foreign exchange movements also lowered operating profits.
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