Rising fuel costs offset a boost in revenue at Australian and South East Asia regional airline Skywest Airlines, leading to a drop in pre-tax profit of three million Singapore dollars (S$) for the half year ended December 31st.
Profit for the half year was S$6.4m compared to S$9.8m for the previous corresponding period, on revenues of S$145m compared to S$125.3m in the same period the year before.
The cost of fuel rose from $28m to $33m year-on-year.
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Profits were also affected by non-recurring expenses amounting to S$3.2m of which there were additional aircraft cross-hire expenses of S$2.6m and other expenses related to damage caused to an aircraft by a service provider amounting to S$0.6m.
Earnings per share fell from S$3.58 to S$2.23. No dividend was declared.
The share price fell 10.71% to 25p by 13:28.
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