Singapore Airlines Reports Record S$5.2 Billion Revenue, Doubles Net Profit

Singapore Airlines reported record quarterly revenue of S$5.2 billion (US$3.8 billion), a 2.7% increase year-on-year, bolstered by strong demand for air travel and robust cargo performance. However, the airline noted that its capacity expansion has outpaced passenger growth, leading to a 4.5% decline in yields, which indicates downward pressure on air fares. The airline's net profit surged to S$1.63 billion (US$1.22 billion), more than double the previous year's profit, primarily due to a one-time gain from the merger between Air India and Vistara, which granted Singapore Airlines a 25.1% stake in the newly formed entity. Cargo revenue rose by 9.7%, driven by increased e-commerce activity and demand for perishables. Despite the positive financial results, Singapore Airlines faces intense competition in the region as other Asian airlines ramp up capacity post-pandemic. The airline remains optimistic about sustained demand in the upcoming quarter despite these challenges.