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Singapore Airlines Reports Fiscal Third Quarter 2022/23 Net Profit of $628 Million

Singapore Airlines has reported a fiscal third quarter net profit of $628 million on a year-over-year increase in revenue to $4.85 billion. For the first nine months of FY 2022/23, SIA reported a net profit of $1.56 billion on a 158% increase in revenue to $13.26 billion.

Singapore Airlines Boeing 787-9 Dreamliner Rendering - Courtesy Boeing

On Tuesday (February 21, 2022), Singapore Airlines (SIA) reported their financial results for the third quarter and first nine months of FY2022/23 ending December 31, 2022. The Group reported a third quarter net profit of $628 million on a year-over-year increase in revenue of 8.0 percent to $4.85 billion. For the first nine months of FY2022/23, SIA reported a net profit of $1.56 billion on a 158 percent increase in revenue compared to FY2021/22 to $13.26 billion. For the fiscal third quarter, the Group’s revenue per available seat kilometer (RASK) was 10.6 cents, the highest quarterly RASK in the company’s history. At December 31, 2022, SIA had cash totaling $15.4 billion, as well as access to $2.2 billion in committed and undrawn lines of credit.

During the third quarter, two Boeing 737-8 MAX aircraft joined Singapore Airlines’ operating fleet following their post-delivery cabin retrofit. At year-end 2022, SIA has an operating fleet of 133 passenger aircraft and seven freighters, while Scoot had 55 passenger aircraft. The average age of SIA’s operating fleet at December 31, 2022 was 6.5 years. The company expects to take delivery of one Airbus A350-900 and one Boeing 787-10 Dreamliner during the fourth fiscal quarter, with both aircraft joining SIA’s operating fleet in the next financial year. Scoot plans on adding nine new Embraer E190-E2 aircraft to their fleet, complementing their larger Airbus A32o and Boeing 787 Dreamliner fleet. The 112-seat Embraer E190-E2s will be received between 2024 and 2025, and will be deployed on thinner routes to non-metro destinations.

Singapore Airlines Group's Q3 and 9M FY2022/23 Financial Results - Courtesy SIA

The Group also reinstated services to destinations in China and Indonesia, and added frequencies to Hong Kong, Seoul, Taipei and points in Japan during the third quarter. Scoot also resumes operations to Hokkaido (Sapporo), offering scheduled services via Taipei as well as direct seasonal services through February 2023. As of December 31, 2022, the Group’s passenger network included 111 destinations across 36 countries and territories, with SIA serving 76 destinations and Scoot serving 57 destinations. The Group’s cargo network included 116 destinations in 38 countries and territories. SIA and Scoot currently serve 14 destinations in China, down from 25 points in the pre-pandemic period.

In November 2022, SIA and Tata Sons reached an agreement to merge Air India with Vistara, with SIA investing an additional $360 million in Air India as part of the transaction. When the transaction is completed, subject to regulatory approvals, SIA will hold a 25.1 percent stake in the enlarges Air India Group. Virgin Australia also resumed the sale of codeshare flights to 42 destinations in 23 countries and territories across SIA’s network in November. In December 2022, Thai International Airways (THAI) and SIA signed a MoU to deepen their commercial cooperation. Initially, THAI and SIA will codeshare on flights between Singapore and Bangkok. THAI will also add their marketing code on SIA’s flights to destinations in South Africa and the Americas in 2023 (subject to regulatory approval).

Source: Singapore Airlines Group


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