Singapore Airlines (SIA) has achieved yet another exceptional quarter, witnessing a remarkable 98.4 percent surge in net profits. As compared to the previous year, reaching SGD 734 million (USD 552 million) in Q1-2023. The airline’s success can be attributed to robust passenger demand on the majority of its routes. It has led to a record-breaking passenger load factor (PLF) of 88.9 percent for the quarter.
In its business update which was released together with the financial results, singapore’s flag carrier also revealed plans to expand its network including adding more flights to and from Indian cities.
The Singapore Airlines, which prides itself as being the “most awarded airline in the world” laid claim to another accolade as it was recently named Skytrax’s best airline in the world for 2023. The Skytrax award is widely considered as the “Oscars” of the aviation industry. The last time it was recognised as the best airline in the world was in 2018.
For the first quarter which ended in June 2023, SIA recorded total revenue of SGD 4,479 million (USD 3,368 million). A rise of SGD 551 million or 14 per cent compared with the same quarter last year. Passenger flown revenue grew 37.4 per cent to SGD 1,001 million. But cargo revenue declined 50.6 per cent or SGD 555 million due to softer demand amid higher cargo capacity in the market.