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Singapore Airlines reports 55.4% lift in half year net profit
November 8th 2023
Singapore Airlines Group (SIA) has reported net profit of S$1.4 billion (US$1.1 billion) for the six months to September 30 2023, up 55.4% from net profit of S$927 million in the prior corresponding half, amid strong demand for air travel. Read More » Revenue rose 8.9% to S$9.2 billion, SIA said in a regulatory filing. "The robust demand for air travel continued into the Northern Summer travel season, led by the rebound in passenger traffic to North Asia with the full reopening of China, Hong Kong SAR, Japan, and Taiwan," SIA said. "This resulted in record half-year operating and net profits for the SIA Group." Looking ahead, SIA said its operating carriers, comprising Singapore Airlines and Scoot, were expected to reach 92% of pre-COVID-19 capacity by December and exceed pre-pandemic levels during the 2024/25 fiscal year, which ends on March 31 2025. "While the demand for air travel is expected to remain healthy leading up to the end of the financial year, significant capacity restoration across the industry, especially in the Asia-Pacific region, could put pressure on passenger yields," SIA said. "Heightened geopolitical risks and macroeconomic uncertainties continue to pose challenges for the airline industry. High fuel prices due to supply risks in the oil market, and inflationary pressures on non-fuel costs are key concerns." The company declared an interim dividend of 10 cents per share.
