Singapore Airlines announced on Thursday ( 20 February ) a record quarterly revenue result from robust demand for air travel at the end of last year, but the airline said its capacity expansion outperformed passenger growth, putting downward pressure on fares.
The carrier anticipates that desire will remain stable in the January-March third despite the fierce competition in the area as Asiatic airlines adds new capacity after the pandemic.
As more seats were added to the network, produces, a proxy for air tickets, increased by 4.5 % in the third quarter as more people jumped on the route.
Group revenue grew 2.7 per cent to a record S$ 5.2 billion ( US$ 3.8 billion ) from a year earlier, the airline said.
Its 9.7 per cent year-on-year rise in goods profit was stronger than a 1.7 per cent rise in traveler revenue for the quarter, bolstered by powerful e-commerce activity, more fleet charters, and a boost in consumable goods transportation, it said.
Singapore Airlines, a big Asian air freight provider, has benefited from rising levels of e-commerce out of China and the location.
In the third that ended December 31, the firm’s gross revenue more than doubled to a report thanks to the acquisition of Air India and Vistara, which helped.
The city-state’s flag carrier posted a net profit of S$ 1.63 billion ( US$ 1.22 billion ) for the quarter, compared to S$ 659 million a year earlier. About S$ 1.10 billion of that sum was due to a one-off get from the Air India-Vistara consolidation.
Singapore Airlines, which owned about 49 per cent of Indian ship Vistara, completed a consolidation of Air India and Vistara next November, in a bid to create a powerful full-service flight for India’s domestic and international markets.
The package granted Singapore Airlines a 25.1 per share interest in the Air India party, while autos-to-steel company Tata holds 74.9 per share of the combined object.
Singapore Airlines and the resources airline Move are included in the Singapore Airlines Group.