Singapore Airlines is struggling to avoid reporting its first loss since it was floated 16 years ago.

The airline revealed its profits for the April to September had plunged to $134.8m Singapore dollars ($73.5m; �51.9m), almost 90% lower than in the same period last year.

And analysts warned that the carrier would struggle to maintain its run of successive profits.

"Since their listing, this is the first time they are staring at the possibility of going into the red," Chew Li May, an analyst at Indosuez WI Carr, said.

Double whammy

Unlike several of its peers, Singapore Airlines weathered the storm four years ago following the Asian currency crisis relatively well.

But it has been unable to avoid the double whammy of the general global slowdown and the aviation slump since the 11 September attacks.

The carrier is, however, thought to be in better shape than many other Asian carriers, including Thai Airlines which employs almost twice as may staff, and is thought to be close to buckling under the weight of huge debts.

Orders deferred

Singapore Airlines is cutting managers' pay and instituting a hiring freeze in an effort to stem costs.

It is also deferring the purchase of 10 new Airbus aircraft, originally expected to arrive in early 2003.

The aircraft were intended for trans-Pacific routes, on which - according to the Association of Asia-Pacific Airlines - passenger numbers have fallen 30% since 11 September.

Despite its relative economic stability, Singapore has paid dearly for its status as a regional transport and trade hub in the wake of the attacks on the US.

Manufacturing in the tiny country has slumped by more than 20% year on year in both September and October, with the key electronics sector performing even worse.