Singapore Airlines posts record half-year profit as air travel demand soars

Singapore Airlines posts record half-year profit as air travel demand soars

As passenger traffic to the northern part of Asia rebounded after countries fully reopened following the COVID – 19 pandemic, Singapore Airlines posted a record half-year profit on Tuesday( Nov 7 ) reflecting strong travel demand.

The city-state’s regional aircraft reported that online income increased from USS$ 922.6 million reported a year ago to S$ 1.44 billion( US$ 1.06 billion ) for the six month ended on September 30.

An interval income of 10 Singapore cents per share was announced.

The airport stated in a speech that” the strong demand for air travel continued into the Northern Summer travel year, led by the rise in customer visitors to North Asia with the whole reopening of China, Hong Kong SAR, Japan, and Taiwan.”

Additionally, it noted a Siemens$ 413 million drop in energy costs over the course of the six-month time, but it raised concerns about an increase in prices brought on by oil market supply risks.

During the half-year, Singapore Airlines and its resources division, Scoot, carried about 17.4 million people, an boost of 52.3 percent year over year.

Within financial 2024 – 2025, the group anticipates returning to pre-Covid customer capacity levels, it added.

In addition, the company plans to use 50 % of the zero-copper mandatory convertible bonds( MCBs ) it issued in June 2021 to support its balance sheet in the event that the pandemic nearly completely shuts down air travel.

Singapore Airlines will be able to meet the accreted deputy amount payable of 110.408 percent of the principal value of MCBs, or roughly S$ 1.71 billion, thanks to the most recent redemption, which is scheduled to be paid to eligible borrowers on Dec. 26 on a pro-rata basis.

The airport added that the proposed merger between Air India and Vistara, a joint venture with India’s Tata Group, was on track and was still pending approval from officials and specialists in both nations.