Singapore Airlines posts record half-year profit as air travel demand soars
Singapore Airlines on Tuesday posted a record half-year profit reflecting strong travel demand as passenger traffic to the northern part of Asia rebounded after countries fully reopened post the Covid pandemic.
Singapore Airlines posts record half-year profit as air travel demand soars
The Economics of Geography

Singapore Airlines posts record half-year profit as air travel demand soars

Photo: AFP/dpa/Boris Roessler
Eurasia 09/11/2023 14:07

Singapore Airlines on Tuesday posted a record half-year profit reflecting strong travel demand as passenger traffic to the northern part of Asia rebounded after countries fully reopened post the Covid pandemic.

The city-state's national carrier said net profit rose to S$1.44 billion ($1.06 billion) for the six months ended Sept. 30 from S$926.9 million reported a year ago, according to Reuters.

"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.

It also recorded a S$413 million decrease in costs associated with fuel for the six-month period but flagged concerns around a spike in prices due to supply risks in the oil market.

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Singapore Airlines and its budget arm, Scoot, carried around 17.4 million passengers during the half-year, an increase of 52.3% year-on-year.

The group expects to return to pre-Covid passenger capacity levels within fiscal 2024-2025, it added.

The firm also intends to redeem 50% of the zero-coupon mandatory convertible bonds (MCBs) that it issued in June 2021 to support its balance sheet amid an almost total shutdown of air travel during the pandemic.

Singapore Airlines posted a record half-year profit after it saw strong demand as numerous countries fully reopened after the global health crisis. The airline expects to return to pre-health crisis passenger capacity levels within fiscal year 2024-2025 https://t.co/4aUZGH6q3K pic.twitter.com/yjAR4CciRe

— Reuters Asia (@ReutersAsia) November 7, 2023
#Singapore
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