Singapore Airlines Posts Record Interim Operating and Net Profits

By Ronnie Harui

SINGAPORE--Singapore Airlines posted its highest-ever interim operating and net profits in the first half of its fiscal year, thanks to record load factors.

Net profit rose to 1.44 billion Singapore dollars (US$1.07 billion) in the first half ended September from S$927 million a year earlier, the carrier said Tuesday. Operating profit increased to S$1.55 billion in the first half from S$1.23 billion, while revenue grew to S$9.16 billion from S$8.42 billion.

"The robust demand for air travel continued into the northern summer travel season, led by the rebound in passenger traffic to North Asia with the full reopening of China, Hong Kong SAR, Japan, and Taiwan," the airline said in a statement. "This resulted in record half-year operating and net profits for the SIA Group," it added.

Air-travel demand is expected to stay healthy in the run-up to the end of its fiscal year, but the significant restoration of capacity across the airline industry, particularly in Asia-Pacific, might put pressure on passenger yields, SIA said.

Also, macroeconomic uncertainties and heightened geopolitical risks continue to pose challenges for the industry, it said. The group will closely watch market conditions and adjust its operations as needed, it added.

SIA declared an interim dividend of 10 Singapore cents a share, scheduled to be paid on Dec. 22, the airline said.

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

(END) Dow Jones Newswires

November 07, 2023 05:17 ET (10:17 GMT)

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