Singapore Airlines posts record profit
The SIA Group posted record profits for the first half and second quarter of FY2022/23.
Demand for air travel surged after Singapore fully reopened in April 2022, and border restrictions eased across many key markets.
As a result, SIA and Scoot carried 11.4 million passengers during the six months to 30 September 2022, a 13-fold jump from a year before.
Passenger traffic and load factors were strong in all cabin classes and routes except in East Asia.
Passenger capacity rose to an average of 68% of pre-pandemic levels in the second quarter.
During the first half, passenger flown revenue rose $5,2 billion (+694%) year-on-year to $5 billion.
Traffic was 11-fold higher, significantly outpacing the capacity expansion of 118.7%.
It recorded an operating profit of $1.2 billion, compared to a $620 million loss a year before.
The Group posted a first half net profit of $927 million, versus a $837 million loss thanks to the better operating performance, lower net finance charges and improvement in share of results of joint venture and associated companies.
It had an operating cash surplus of $2,5 billion for the first half.
With the recent relaxation of border controls in parts of East Asia, SIA expect demand to pick-up in Hong Kong, Taipei, and Japan especially over the holiday period.
Ray Monty
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