Singapore Air Rises as Net Beats Estimate on Virgin Stake
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Singapore Airlines Ltd., Asia’s biggest carrier by market value, posted profit that beat estimates after selling its stake in Richard Branson’s Virgin Atlantic Airways Ltd., helping send the shares higher for the first time in five days.
The sale benefits offset a wider operating loss and a 60 percent slump in net income in the quarter ended in March. The carrier will pay a special dividend of 25 Singapore cents in addition to a 11 Singapore cents dividend, the company said in a statement yesterday.