Singapore Airlines quarterly profit surges seven-fold

Singapore Airlines Ltd (SIA) reported an over seven-fold jump in third-quarter net profit on Tuesday, boosted by a strong recovery in demand in key markets.

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The carrier said demand for air travel is expected to be robust in the fourth quarter following a recovery in East Asia after the easing of travel restrictions across China, Hong Kong, Japan, and Taiwan.

SIA, which is set to emerge as a 25.1% owner of Air India following a merger of its Vistara joint venture with the Tata Group-controlled airline, projected group capacity to reach an average of around 77% of pre-COVID-19 levels in the fourth quarter.


However, it warned that the airline industry continues to face headwinds due to high-cost inflation and elevated fuel prices and flagged that competition is likely to intensify as airlines inject more capacity on international routes.

The airline’s net profit jumped to S$628 million ($469 million) in the three months that ended Dec. 31, from S$85 million a year ago. The net profit also rose 12.7% over the previous quarter.

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Total revenue rose 8% from the second quarter to S$4.85 billion. SIA said it also expects demand for air freight to face headwinds due to a slowdown in new orders as importers trim inventory levels.

Source: Reuters

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