Singapore Airlines (SIA) has launched an appeal against a €74.8 million fine from the European Commission for price fixing.
Last week, Cathay Pacific also announced it would appeal against its fine of €57.1 million, imposed by the EC in the same ruling last November.
Eleven airlines in total were fined for conspiring on the prices they charged for the transport of cargo between December 1999 and February 2006.
SIA made an operating profit of $509.3 million in the last quarter of 2010, a $186 million improvement on Q3 2009.
However, the fine imposed by the EC, plus fines from the US Department of Justice Antitrust Division and the South Korean Fair Trade Commission, put the airline back $199 million.
These fines caused a slump in the group net profit for Q3 – at $288 million, the figure represents a decline of $116 million on Q3 2009.
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