Singapore Airlines Posts Record Annual Profit on North Asia Rebound
By Kimberley Kao
Singapore Airlines posted its highest annual profit, driven by robust air travel demand.
The city-state's flag carrier said Wednesday that its net profit rose 24% to a record 2.675 billion Singapore dollars (US$1.98 billion) in the year ended March. The company attributed the increase in profit to air travel demand boosted by a rebound in North Asia, with China, Hong Kong, Japan and Taiwan fully reopening their borders.
Revenue also hit an all-time high, rising 7.0% to S$19.01 billion.
Operating profit rose 1.3% to S$2.73 billion on a decline in net fuel costs.
Singapore's inbound travel has been recovering steadily since the pandemic. Passenger traffic at Singapore's Changi Airport exceeded prepandemic levels in the first quarter of 2024, while air traffic to and from most regions recovered to or surpassed 2019 levels.
Passenger traffic grew 27% on year, with group passenger load factor improving 2.6 percentage points to a record 88%, the carrier said.
"The airline industry continues to face challenges, including rising geopolitical tensions, an uncertain macroeconomic climate, supply chain constraints and high inflation in many parts of the world," the carrier said.
However, demand for air travel remains healthy for the April-June period, it said, adding that it expects a strong pickup in forward bookings for North Asia and Southeast Asia.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
May 15, 2024 06:26 ET (10:26 GMT)
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