Singapore Airlines posts enormous profit

The company has rewritten its record book, totally outperforming its prior economic marks.

SINGAPORE Airlines Group (SIA) has posted its highest net profit in its 76-year history, with strong demand driving record revenue, operating profit, and passenger load factor.

Group revenue increased by SGD$10 billion (+133.4%) year-on-year to a record SGD$17 billion, with passenger load factor jumping 55.3 percentage points to 85.4%, also the highest in history.

Singapore Airlines achieved a record PLF of 85.8%, while Scoot delivered a PLF of 83.9%.

Group passenger capacity reached 79% of pre-COVID-19 levels in March, with both SQ and Scoot collectively carrying 26.5 million passengers, up six times from the year before.

SIA said at the onset of the COVID-19 pandemic, it acted “swiftly and decisively” to shore up liquidity and build its financial resilience.

The Group built up a strong base network in a deliberate and calibrated manner, ensuring that SIA and Scoot were in position to ramp up ahead of any return in passenger traffic,” the company said.

“A large proportion of the Group’s aircraft fleet were kept operational, albeit at low utilisation levels in the early phase of the recovery, ensuring that they were properly maintained and fully functional.

“This strong liquidity position, and the confidence it engendered, enabled the Group to take a long-term view and make several strategic decisions ahead of the recovery in global air travel.”

Demand for air travel remains robust in the first quarter of this fiscal year, underpinned by the recovery in air travel in East Asia.

Forward passenger sales remain healthy across all cabin classes, led by a strong pick up in bookings to China, Japan, and South Korea.

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