News
Airline Earnings · Profit Decline · Revenue Growth · Travel Demand
Singapore Airlines reported a 69% drop in net profit to S$504.6 million for its fiscal third quarter, despite achieving record quarterly revenue of S$5.51 billion.
The decline in profit is attributed to the absence of a significant one-off gain from the previous year, which was related to the disposal of its stake in Vistara following its merger with Air India. Revenue, however, saw a 5.5% increase year-on-year, driven by strong travel demand and yields.
The airline and its subsidiary Scoot carried 10.9 million passengers, a 6.3% rise. Operating profit increased by 26% to S$791.9 million, attributed to revenue growth and cost management.
The company also noted an increase in losses from associates, including a full-quarter share of losses from Air India, and higher net fuel costs.
Singapore Airlines' Record Revenue Drives Operating Profit, Yet Net Profit Plunges 69% Without Prior Gain(current)
