IIRC, SQ has posted profits every year since the SARS scare. Though their accounting rules and degree of state involvement may be fairly different than those which apply to US-based carriers.
As for fuel prices, they have been relatively stable for the past year (between $60 and $80 / bbl). IMHO, if the legacy US carriers cannot turn a profit in Q2 / Q3 2010, there are serious questions as to whether they can consistently turn a profit in ANY economic situation.