Singapore Airlines Posts Record Quarterly Net Profit

By Ronnie Harui

Singapore Airlines posted its highest quarterly net profit in its history for the first quarter amid robust demand for air travel during the midyear school holidays and the beginning of the summer travel season.

Net profit totaled 734 million Singapore dollars ($553.75 million) in the first quarter of its fiscal year that started in April, compared with S$370 million for the same period a year earlier, the carrier said Thursday. Revenue rose to S$4.48 billion from S$3.93 billion a year earlier.

Air travel demand is expected to remain robust for all route regions during the summer peak, with forward passenger bookings closely tracking capacity injection across most markets over the next three months, SIA said. However, the group continues to cautiously navigate geopolitical and macroeconomic uncertainties as well as rising competition across key markets, it added.

Singapore Airlines also said work continues on the proposed merger of Air India and Vistara, which will lead to SIA taking a 25.1% stake in the enlarged Air India Group when the transaction is completed. This will bolster the group's presence in India, strengthen its multihub strategy and enable it to continue participating directly in this large and fast-growing aviation market, SIA added.

Write to Ronnie Harui at ronnie.harui@wsj.com

(END) Dow Jones Newswires

July 27, 2023 06:17 ET (10:17 GMT)

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