SINGAPORE, 7 August 2023: The SIA Group posted a net profit of $734 million in the first three months of FY2023\/24, the highest quarterly performance in its history, as the airline reports travel demand driving record load factors.<\/p>\n\n\n\n
Near-term forward passenger bookings remained robust on the back of solid demand for air travel through the mid-year school holidays and the start of the summer travel season.<\/p>\n\n\n\n
Group passenger capacity expanded by 32.4% year-on-year as restrictions on international air travel eased globally. SIA and Scoot carried 8.4 million passengers during the quarter, 65.5% higher than a year before, with strong demand across all route regions and market segments.<\/p>\n\n\n\n
Passenger traffic and load factors improved across all markets, with the year-on-year traffic growth of 49% outpacing the capacity expansion.<\/p>\n\n\n\n
The Group achieved a record quarterly passenger load factor (PLF) of 88.9%, with SIA\u2019s PLF at a record 88.1% and Scoot\u2019s at a record 91.7%<\/p>\n\n\n\n
Revenue<\/strong><\/p>\n\n\n\n As a result, the SQ Group\u2019s revenue rose SGD551 million (+14.0%) year-on-year to SGD4,479 million, with the higher passenger flown revenue of SGD1,001 million (+37.4%), partially offset by SGD555 million (-50.6%) decline in cargo flown revenue.<\/p>\n\n\n\n Expenditures<\/p>\n\n\n\n Expenditure increased SGD353 million (+10.5%) year-on-year to SGD3,725 million, with the rise in nonfuel expenditure of SGD572 million (+27.3%) partly offset by an SGD220 million decrease (-17.3%) in net fuel cost. Net fuel cost fell to SGD1,053 million mainly<\/p>\n\n\n\n due to a 33.4% decrease in fuel prices (-SGD599 million), despite higher volumes uplifted (+SGD305 million) and lower fuel hedging gains (+SGD101 million). The 27.3% increase in nonfuel expenditure was within the 32.4% increase in passenger capacity.<\/p>\n\n\n\n Operating and net profit<\/strong><\/p>\n\n\n\n The Group posted an operating profit of SGD755 million, SGD199 million (+35.8%) better than the SGD556 million operating profit a year before. SIA generated a record operating profit of SGD738 million, an improvement of SGD113 million.<\/p>\n\n\n\n Operating profit for Scoot was SGD24 million, up SGD76 million compared to the prior year.<\/p>\n\n\n\n Group quarterly net profit was up SGD364 million, or 98.4% higher than last year at SGD734 million. The profit was mainly attributable to the better operating performance (+SGD199 million), a net interest income versus a net finance charge last year (+SGD144 million), and a share of profits versus a share of losses of associated companies last year.<\/p>\n","protected":false},"excerpt":{"rendered":" SINGAPORE, 7 August 2023: The SIA Group posted a net profit of $734 million in the first three months of FY2023\/24, the highest quarterly performance in its history, as the airline reports travel demand driving record load factors. Near-term forward passenger bookings remained robust on the back of solid demand for air travel through the […]<\/p>\n","protected":false},"author":22,"featured_media":224666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[469,246],"tags":[],"class_list":{"0":"post-224635","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-airlines","8":"category-singapore"},"yoast_head":"\n