Singapore Airlines Group (SIA) posted 3.3% growth in the third quarter operating profit to $629 million.
This is the highest quarterly revenue on record passenger carriage, despite declining yields due to stiffer competition.
Group revenue was a record $5.2 billion for the three months ended 31 December 2024, up $137 million.
Passenger flown revenue improved by $70 million (+1.7%), with SIA and Scoot carrying a quarterly record of 10.2 million passengers.
Group passenger load factor declined slightly by one percentage point to 87.2%.
SIA says declining yields were a result of stiffer competition.
Group costs were up to $4,59 billion, driven by higher non-fuel expenditure.
Still, effective cost management measures kept the rise in non-fuel expenditure below the growth in overall capacity it says.
Net fuel cost was lower due to a 20.9% drop in fuel prices before hedging.
The Group recorded an operating profit of $629 million for the third quarter up by $20 million compared to a year ago.
Shareholder equity stood at $15.4 billion as of 31 December 2024, down $1 billion from 31 March 2024, primarily due to the redemption of the remaining Mandatory Convertible Bonds (MCBs) in June 2024.
SIA is bullish on continued demand for air travel into the last quarter of FY2024/25, even as the operating landscape continues to be competitive.
