Singapore Airlines Reports 48.5% Profit Drop

Singapore Airlines reported a significant decline in half-year profits for the period ending September 30, 2024, with net profit nearly halving to S$742 million ($561.7 million), down 48.5% year-on-year. Despite a 1.4% increase in revenue to S$9.4 billion ($7.1 billion), higher operational costs—including a 14.4% rise in total expenses driven by fuel and staff costs—outpaced revenue growth. The airline attributed its challenges to increased competition and capacity in key markets, leading to lower yields. Looking ahead, Singapore Airlines anticipates a non-cash gain of S$1.1 billion ($832 million) following the completion of the Air India-Vistara merger, expected by the end of November. The company is focusing on enhancing operational efficiency to navigate the competitive landscape. Additionally, it declared an interim dividend of 10 Singapore cents per share.