Singapore Airlines Cargo reported an operating loss of US$14 million, an improvement over the US$32 million loss in 1QFY14.
Singapore Airlines said cargo revenue declined in the quarter. The carrier did not reveal the amount of revenue generated by cargo, nor the percentage drop from the comparison quarter, but did say the decline came despite a marginal increase in yield. For whatever reason, the worldwide recovery in air freight demand seems to have passed Singapore Airlines by, and unlike most of the other major cargo carriers in the region and around the world, Singapore Airlines continues to report declining cargo traffic, down 3.7% y-o-y in June and down 3.8% of the first half. Over the last seven years Singapore Airlines has steadily reduced its operating freighter fleet from eighteen 747-400Fs in 2007 to just eight today.