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Singapore Airlines post strong Q3 earnings
Singapore Airlines Group posted record quarterly revenue in Q3 on the back on continuing strong demand for travel.
Demand was led by a rebound in North Asia as China, Hong Kong SAR, Japan, and Taiwan fully reopened.
Quarterly revenue passed $5 billion for the first time.
Passenger flown revenue was up 10% with net profit at $659 million
Group revenue for the nine months to December 2023 rose by $981 million to a record $14,244 million.
This was driven by a 20.2% increase in passenger flown revenue.
Group net profit for the nine months rose to a record $2.1 billion.
This was mainly due to the better operating performance it says.
As of the year-end, the operating fleet comprised 202 passenger and freighter aircraft.
SIA added three Boeing 787-10s to its fleet in the third quarter, bringing its operating fleet to 143 passenger aircraft.
Sister brand Scoot operates 52 passenger aircraft and will take delivery of its first Embraer E190-E2 aircraft in April 2024.
The Group has an additional 92 aircraft on order.
During the third quarter, SIA reinstated services to Chongqing and Xiamen, while Scoot resumed flights to Kunming.
The two airlines now operate to 23 destinations in China, compared to 25 pre-pandemic.
SIA will also launch five-times weekly direct flights between Singapore and London (Gatwick) in June 2024.
The Group expects to return to pre-pandemic capacity levels within FY2024/25.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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