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Singapore Airlines reports first half results
Singapore Airlines Group carriers SIA and Scoot carried 19.2 million passengers in the first half of 2024, a 10.8% year-on-year increase.
However due to capacity expansion of 11%, load factor dipped by 2.4% to 86.4%.
SIA says demand for air travel remained healthy in the first six months as group revenue rose $335 million (+3.7%) to $9,497 million.
Passenger flown revenue was up $118 million it said.
Still increased competition impacted its yields, which fell 5.6%.
Despite the impact of general price inflation, the Group kept the rise in non-fuel costs to be largely in line with the 10.6% growth in overall capacity.
Overall, the Group recorded an operating profit of $796 million in the first half which is down $758 million from the previous year.
The Group posted a net profit of $742 million, $699 million less than the previous year primarily due to the weaker operating performance.
Other contributing factors included lower net interest income and a loss on disposal of aircraft, spares, and spare engines versus a gain last year.
As of 30 September 2024, Group shareholders’ equity was $13.7 billion, a $2.6 billion decline from 31 March 2024, largely due to the redemption of all remaining Mandatory Convertible Bonds (MCBs) in June 2024.
As of 30 September 2024, the Group’s passenger network covered 127 destinations in 36 countries and territories.
SIA served 78 destinations while Scoot served 71.
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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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