Singapore Airlines reported its highest-ever annual profit on Wednesday ( May 15 ), citing a rebound in the demand for air travel, and said it anticipates this trend to continue into the first quarter of fiscal 2024.
As China’s international travel recovers from the crisis at a slower rate than anticipated, the flag carrier’s optimistic results coincide with the broader aircraft industry grappling with supply chain issues and a more optimistic outlook in Asia.
The second quarter of FY2024/25 saw a strong increase in onward orders to North Asia and Southeast Asia, the statement read.” The demand for air travel continues to be good in the first fourth of FY2024/25.
As flights bring more potential online, especially in the Asia-Pacific area, passenger yields are likely to continue to decline.
As a result of safety issues in the Red Sea area, SIA Group saw a rise in demand for air transport from Asia in the second half of the time.
Customer fill aspect, a estimate of how many seats are available on airplanes, was 88 % for the team as a whole for the year, up from 85.4 percent the previous year.
The airline posted a net profit of S$ 2.68 billion ( US$ 1.99 billion ) for the year ended Mar 31, compared with a previous record USS$ 2.16 billion a year ago, which ended three years of losses.