Singapore Airlines’ profits plunged 95.6% year-on-year in the first quarter of fiscal year 2011-12. The carrier’s operating profit sank to just SG$11.0 million (US$9.2 million) in the March-June 2011 quarter, compared to SG$250.5 million in the same period last year. SIA’s revenue actually increased 3.2% to SG$3.58 billion, but expenditure rose 9.9% to SG$3.57 million. The airline attributed the result to the impact of fuel costs, which rose 38% year-on-year. SilkAir, SIA’s regional subsidiary, saw operating profits rise 40.0% to SG$21 million.