Singapore Airlines Posts Record-High Annual Profit

By Yifan Wang

Singapore Airlines posted its highest annual profit in its nearly eight decades of history, as the airline carrier took advantage of the post-Covid travel demand surge.

The company said its net profit reached a record high of S$2.16 billion (US$1.62 billion) in the fiscal year ended March. That compares with a loss of S$962 million the previous year.

Revenue also hit a new record, more than doubling to S$17.78 billion.

Singapore Airlines said it has kept "a large proportion of [its] aircraft fleet" operational during the past several years despite lower travel volume. This put the company "in position to ramp up ahead of any return in passenger traffic," the company said.

"As a result, when the demand for air travel surged after Singapore fully reopened its borders in April 2022, and as restrictions on international air travel eased globally, SIA and Scoot could ramp up operations at short notice."

The company sees "robust" air travel demand and "healthy" forward sales in the April-to-June quarter.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

May 16, 2023 06:19 ET (10:19 GMT)

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