Singapore Airlines (OTC:SINGY) shares plunged on Tuesday after the carrier reported a steep decline in its first-quarter earnings.
The stock fell more than 7% after the results.
The airline reported that its net profit fell 59% to 186 million Singapore dollars ($144 million) for the quarter ended June 30. The company attributed this significant decline to reduced interest income and losses from its associates.
Operating profit also weakened, falling 13.8% to S$405 million compared to the same period last year.
