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Week 8


Singapore Airlines Group reports US$490 million quarterly profit

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February 21st 2024

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Singapore Airlines Group (SIA) has announced its net profit increased 4.9%, to S$658.7 million (US$490 million), in the three months to last December 31 from a S$628 million net profit in the same months in 2022. Read More » Revenue improved 4.9%, to S$5.1 billion, SIA said in a regulatory filing, and added costs were cut by 9.3% to S$4.5 billion in the quarter. The airline group’s two carriers, Singapore Airlines and Scoot, recorded a strong North Asia traffic rebound for the three months after China, the Hong Kong Special Administrative Region, Japan, and Taiwan fully reopened their borders to international visitors. Air travel demand was “healthy” and forward bookings were ‘robust”, SIA said. It cautioned passenger yields, a measure of average airfares per person, were “under pressure” as airlines continued to return capacity to the market. “The SIA Group will navigate these headwinds by being nimble matching capacity to demand, remaining alert to revenue and growth opportunities and maintaining cost discipline.” The group expects capacity to return to pre-pandemic levels in fiscal 2024-2025.

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