The Singapore Airlines Group, comprising Singapore’s flagship carrier Singapore Airlines and budget unit Scoot, posted a loss of S$210 million in the first three months and a negative S$407 million in the same period a year earlier.
Group revenue tripled to S$3.9 billion in the three months to June 30, while quarterly operating profit of S$556 million was the second-highest in company history. According to a statement issued by Changi Airport Airlines to the Singapore Exchange on July 28.
The improved profit was largely attributable to a 14-fold year-on-year increase in passenger traffic as many of the airline’s destinations eased Covid-19 travel restrictions, the statement said.
The two airlines carried 5.1 million passengers in the first quarter, up 158.2% from the previous quarter. Singapore Airlines’ load factor increased to 82% and Scoot’s to 64%.
close to pre-pandemic levels
The airline has been boosting capacity at its Singapore hub and is expected to reach 81% of pre-pandemic levels by the end of December, up from 61% in the June quarter.
“As we enter the year-end holiday travel period, travel demand is expected to remain strong in the near term, with forward sales remaining active over the next three months to October 2022,” the group said in a statement.
However, it added that inflationary pressures, including rising fuel prices, remained a concern.
“Rising interest rates and slowing economic growth in many countries around the world, including the group’s key markets, are risk factors for a recovery in passenger travel and demand for air cargo,” the airline said.
Expand the flight network
Despite these concerns, Singapore Airlines plans to increase service to destinations in Japan, restore service to India to pre-pandemic levels, continue direct service to Vancouver and add more flights to Paris and Los Angeles. However, the important Chinese market was not mentioned.
Scoot will launch direct flights to Tokyo and Osaka and add more flights to Bangkok, Seoul, Cebu, Manila and Surabaya.
As of the end of June, the Group’s passenger network covered 98 destinations in 36 countries and regions. By comparison, the pre-pandemic network covered 137 destinations in 37 countries and territories.
Singapore Airlines’ strong performance stands in stark contrast to Hong Kong-based rival Cathay Pacific, which has been hampered by strict quarantine rules for passengers and crew.
The Singapore Airlines Group, comprising Singapore’s flagship carrier Singapore Airlines and budget unit Scoot, posted a loss of S$210 million in the first three months and a negative S$407 million in the same period a year earlier. Group revenue tripled to S$3.9 billion in the three months to June 30, while quarterly operating profit of S$556 million was the second-highest in company history. According to a statement issued by Changi Airport Airlines to the Singapore Exchange on July 28. The recovery in profits was mainly due to…
The Singapore Airlines Group, comprising Singapore’s flagship carrier Singapore Airlines and budget unit Scoot, posted a loss of S$210 million in the first three months and a negative S$407 million in the same period a year earlier.
Group revenue tripled to S$3.9 billion in the three months to June 30, while quarterly operating profit of S$556 million was the second-highest in company history. According to a statement issued by Changi Airport Airlines to the Singapore Exchange on July 28.
The improved profit was largely attributable to a 14-fold year-on-year increase in passenger traffic as many of the airline’s destinations eased Covid-19 travel restrictions, the statement said.
The two airlines carried 5.1 million passengers in the first quarter, up 158.2% from the previous quarter. Singapore Airlines’ load factor increased to 82% and Scoot’s to 64%.
close to pre-pandemic levels
The airline has been boosting capacity at its Singapore hub and is expected to reach 81% of pre-pandemic levels by the end of December, up from 61% in the June quarter.
“As we enter the year-end holiday travel period, travel demand is expected to remain strong in the near term, with forward sales remaining active over the next three months to October 2022,” the group said in a statement.
However, it added that inflationary pressures, including rising fuel prices, remained a concern.
“Rising interest rates and slowing economic growth in many countries around the world, including the group’s key markets, are risk factors for a recovery in passenger travel and demand for air cargo,” the airline said.
Expand the flight network
Despite these concerns, Singapore Airlines plans to increase service to destinations in Japan, restore service to India to pre-pandemic levels, continue direct service to Vancouver and add more flights to Paris and Los Angeles. However, the important Chinese market was not mentioned.
Scoot will launch direct flights to Tokyo and Osaka and add more flights to Bangkok, Seoul, Cebu, Manila and Surabaya.
As of the end of June, the Group’s passenger network covered 98 destinations in 36 countries and regions. By comparison, the pre-pandemic network covered 137 destinations in 37 countries and territories.
Singapore Airlines’ strong performance stands in stark contrast to Hong Kong-based rival Cathay Pacific, which has been hampered by strict quarantine rules for passengers and crew.
