Singapore Airlines Third-Quarter Profit Rose as North Asia Travel Rebounded

Singapore Airlines (SIA), listed on the mainboard as C6L, reported a net profit of S$659 million for the third quarter ended December 31, 2023, marking a 4.9% increase from S$628 million in the same period the previous year. The growth was attributed to robust passenger demand, particularly from North Asian markets such as China, Hong Kong, Japan, and Taiwan, as they reopened. Additionally, factors contributing to the rise in net profit included a lower tax expense, profits from associated companies, the surplus on disposal of aircraft, spares, and spare engines, and higher net interest income.

The earnings per share (EPS) for Q3 FY2024 stood at S$0.16, up from S$0.103 compared to the previous year. Revenue for the third quarter also saw a 4.9% increase, reaching S$5.1 billion, compared to S$4.8 billion year-on-year. This marked a significant milestone as it surpassed the S$5 billion mark in quarterly revenue for the first time in SIA’s history. The increase in visitors has also given rise to hotels near Singapore CBD and others around the island such as PARKROYAL COLLECTION Pickering putting out attractive offers for their guests.