Singapore Airlines Ltd. (SIA) is missing the party in its own home. Tourist spending in the city jumped by half since 2008, aided by two new casinos and a 23 percent rise in passenger traffic through Changi Airport.
That growth hasn’t been reflected in the carrier’s passenger numbers, which are down by 2.2 million in the period. The 12 percent drop is the largest of the 12 biggest publicly traded full-service airlines in the Asia Pacific, data compiled by Bloomberg show. Persian Gulf rivals are vying for premium passengers and low-cost operators are poaching budget travelers.
Singapore Air’s slide contrasts with Cathay Pacific Airways Ltd. (293), whose passenger numbers have risen 11 percent since 2008 because its Hong Kong base and a tie-up with Air China Ltd. help it sell tickets in the world’s most populous nation. Singapore Air, overtaken by Air China in 2009 as the biggest airline by market value, will probably report a sixth straight decline in quarterly profit when it announces fiscal full-year earnings May 9, according to analyst estimates. Full story...
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That growth hasn’t been reflected in the carrier’s passenger numbers, which are down by 2.2 million in the period. The 12 percent drop is the largest of the 12 biggest publicly traded full-service airlines in the Asia Pacific, data compiled by Bloomberg show. Persian Gulf rivals are vying for premium passengers and low-cost operators are poaching budget travelers.
Singapore Air’s slide contrasts with Cathay Pacific Airways Ltd. (293), whose passenger numbers have risen 11 percent since 2008 because its Hong Kong base and a tie-up with Air China Ltd. help it sell tickets in the world’s most populous nation. Singapore Air, overtaken by Air China in 2009 as the biggest airline by market value, will probably report a sixth straight decline in quarterly profit when it announces fiscal full-year earnings May 9, according to analyst estimates. Full story...
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