Singapore - Singapore Airlines, one of the world's leading carriers, reported Tuesday a 43-per-cent slump in its third-quarter net profit because of weaker passenger and cargo business and losses in fuel hedging.

The net profit from October to December was 337 million Singapore dollars (225 million US dollars), down from 590 million Singapore dollars in the same period of 2007, the company said.

Because of the global economic slowdown, the number of passengers flying Singapore Airlines in the third quarter fell to 4.8 million, 4.2 per cent lower than the year before. Its cargo division carried 14.2 per cent less freight than in the corresponding period of 2007.

Losses in fuel hedging amounted to 341 million Singapore dollars, the airline reported.

It expected demand for air transportation to remain weak for much of 2009, the airline said in statement. (dpa)