Singapore Airlines posted its highest-ever annual profit on Wednesday (May 15) on a rebound in demand for air travel, and said it expects this trend to continue into the first quarter of fiscal 2024.
The flag carrier's upbeat results come as the broader aviation industry grapples with supply chain bottlenecks and a more cautious outlook in Asia as China's international travel rebounds from the pandemic at a slower pace than anticipated.
"The demand for air travel remains healthy in the first quarter of FY2024/25, supported by a strong pickup in forward bookings to North Asia and Southeast Asia," it said.
The airline cautioned that passenger yields would likely continue to moderate as airlines bring more capacity online, especially in the Asia-Pacific region.
SIA Group saw a higher demand for air freight from Asia in the second half of the year, as security concerns in the Red Sea region aided a change in mode of transportation.
Passenger load factor - a measure of how many seats are filled on planes - for the group as a whole was 88% for the year, compared with 85.4 per cent in the previous year.
The airline posted a net profit of S$2.68 billion (US$1.99 billion) for the year ended Mar 31, compared with a previous record USS$2.16 billion a year ago, which ended three years of losses.
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The flag carrier's upbeat results come as the broader aviation industry grapples with supply chain bottlenecks and a more cautious outlook in Asia as China's international travel rebounds from the pandemic at a slower pace than anticipated.
"The demand for air travel remains healthy in the first quarter of FY2024/25, supported by a strong pickup in forward bookings to North Asia and Southeast Asia," it said.
The airline cautioned that passenger yields would likely continue to moderate as airlines bring more capacity online, especially in the Asia-Pacific region.
SIA Group saw a higher demand for air freight from Asia in the second half of the year, as security concerns in the Red Sea region aided a change in mode of transportation.
Passenger load factor - a measure of how many seats are filled on planes - for the group as a whole was 88% for the year, compared with 85.4 per cent in the previous year.
The airline posted a net profit of S$2.68 billion (US$1.99 billion) for the year ended Mar 31, compared with a previous record USS$2.16 billion a year ago, which ended three years of losses.
Continue reading...