Singapore Airlines posts first annual profit since 2020
Singapore Airlines on Tuesday reported its first annual profit since 2020 and projected solid demand for next year as it sees a big increase in bookings to China, Japan and South Korea after pandemic-related restrictions disappeared worldwide.
Pent-up demand following the reopening of domestic borders in April last year has helped the airline recover from pandemic-era losses.
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However, the company warned that increased competition, macroeconomic uncertainties and inflation could pose challenges for the sector in the coming months.
Singapore Airlines estimates that the group’s capacity will reach an average of about 83% of pre-pandemic levels in the first half of fiscal 2023/2024, it said in a statement.
The airline, which is set to take a 25.1% stake in Air India, posted a net profit of 2.16 billion Singapore dollars ($1.63 billion) for the year ended March 31, compared with a loss of 962 million Singapore dollars in the previous year and higher than a Refinitv estimate of 2.01 billion Singapore dollars.
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