Singapore Airlines profit slides in 3rd quarter

Singapore Airlines' profit plunged 36 percent in the third quarter as the carrier felt the brunt of rising fuel costs and slowing demand, Reuters reported.

Profit slid to $216 million, compared with $338 million during the same period in 2007. Revenue was $2.92 billion compared with $2.64 billion last year.

The airline is majority-owned by Temasek, the Singapore government's investment holding company. It has been in negotiations all year to acquire China Eastern Airlines and already has a stake in Chinese cargo airline Great Wall. 

Source: American Shipper