I am not a betting man, but if I were, I'd place some money on Singapore Airlines posting another record set of financial results on May 15.
The data suggests that despite higher fuel costs and competition, the operating numbers for the carrier group which includes low-cost carrier Scoot - have been hitting new recent highs.
In fact, these numbers have already surpassed the pre-pandemic levels.
According to the group's latest operating statistics, it carried 9.564 million passengers in the fourth quarter of its financial year 2023/2024 covering January to March 2024, up over 6 per cent from 9 million in the fourth quarter of FY2018/2019 from January to March 2019, which is the last meaningful pre-pandemic quarter.
The airline exceeded these pre-pandemic numbers even though the SIA Group's passenger capacity is now virtually the same as that during the fourth quarter of FY2018/2019. That meant the passenger load factor during the January-March 2024 fourth quarter was averaging 86.4 per cent - up from an average of 81.9 per cent during the same period in FY2018/2019.
In all likelihood, this year's full-year results will exceed the last financial year's, when the group posted a record group revenue of $17.78 billion. Group operating profit for the year ended March 31, 2023, came in at a record $2.69 billion, while net profit hit a record $2.16 billion for the year. The group passenger load factor hit 85.4 per cent, the highest in its history.
Why do I believe the April 2023-March 2024 financial year will deliver another record? Group revenue for the nine months to December 2023, which are the first nine months of FY2023/2024, rose by $981 million or 7.4 per cent to a record $14.24 billion. This was driven by a $1.97 billion or 20.2 per cent increase in passenger flown revenue. This was partially offset by a $1.34 billion or 45.3 per cent drop in cargo flown revenue.
Esta historia es de la edición May 10, 2024 de The Straits Times.
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Esta historia es de la edición May 10, 2024 de The Straits Times.
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