Seems the industry still has major turbulences ahead.
We've seen many small airlines fold (Spanair, Malev, etc...).
Now even the industry leaders are hit.
Link below :
"Unfortunately, Singapore Airline's performance may portend a dismal outlook for international travel generally. The Singapore carrier is generally credited as one of the world’s best-managed carriers with an unparalleled worldwide network of routes. Because of this, SIA’s performance can arguably taken an indicative of the overall health of the global airline industry as a whole."