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Singapore Airlines Reports First Quarter FY 2022/23 Net Profit of $370 Million

Singapore Airlines has reported a record first quarter FY 2022/23 operating profit of $570 million and a net profit of $370 million or $0.056 per diluted share on revenue of $3.91 billion, compared to revenue of $1.29 billion in the same period last year.


Singapore Airlines Airbus A350-900ULR - Courtesy Airbus

On Thursday (July 28, 2022), Singapore Airlines (SIA) Group reported their FY 2022/23 first quarter financial results for the period ending June 30, 2022. The company reported a record first quarter operating profit of $556 million and a net profit of $370 million, or $0.056 per diluted share, on a revenue increase to $3.9 billion compared to $1.29 billion during the first quarter of FY 2021/22. In the first fiscal quarter, SIA’s capacity increased to 61 percent of pre-pandemic levels, versus 47 percent in the fourth quarter. SIA and Scoot carried 5.1 million passengers during the first three months of the financial year, up 158.2 percent from the previous quarter and 14 times higher than in the same period last year. The carrier’s load factor for Q1 was 79.0 percent, the highest since the onset of the pandemic.


Singapore Airlines’ first quarter revenue per available seat kilometer (RASK) was reported as 10.2 cents, which according to the airline, was a record for a full-service carrier. At June 30, 2022 the Group’s shareholders’ equity was $22.9 billion, an increase of $2.3 billion from the end of the fiscal fourth quarter. The company’s cash and bank balances increased by $2.3 billion during Q1 FY2022/23 to $16.1 billion, primarily driven by net cash generated from operations and proceeds from future sales. SIA’s total debt balances remained at $15.7 billion and the Group’s debt-to-equity ratio fell from 0.70 times to 0.68 times. In additional to available cash, the company retains access to $2.2 billion in committed and undrawn credit facilities.


Summary of Singapore Airlines (SIA) Group's First Quarter FY2022/23 Financial Results - Courtesy SIA


At June 30, 2022, SIA’s operating fleet included 127 passenger aircraft and seven dedicated freighters, while Scoot had 55 passenger aircraft in their fleet. The Group’s aircraft have an average age of six years and three months, making it one of the youngest and most fuel-efficient fleets in the industry. During the first quarter, SIA and Scoot resumed services in South East Asia including routes to Cebu, Davao, Hat Yai, Kota Kinabalu, as well as to Nanjing in China. Scoot alas launched a new route to Jeju in South Korea. As of June 30, 2022, the Group’s passenger network included 98 destinations in 36 countries and territories, with SIA servicing 72 destinations and Scoot serving 47. The Group’s cargo network also included service to 107 destinations.



Source: Singapore Airlines (SIA) Group

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