Singapore Airlines posts record half-year profit as air travel demand soars

  • Declares interim dividend of 10 SG cents per share
  • HY Revenue jumps over 55%
  • Air India-Vistara merger stays on target

Nov 7 (Reuters) – Singapore Airways (SIAL.SI) on Tuesday posted a document half-year revenue reflecting robust journey demand as passenger site visitors to the northern a part of Asia rebounded after nations absolutely reopened put up the Covid pandemic.

The town-state’s nationwide service stated internet revenue rose to S$1.44 billion ($1.06 billion) for the six months ended Sept. 30 from S$926.9 million reported a yr in the past.

It declared an interim dividend of 10 Singapore cents per share.

“The strong demand for air journey continued into the Northern Summer time journey season, led by the rebound in passenger site visitors to North Asia with the complete reopening of China, Hong Kong SAR, Japan, and Taiwan,” the airline stated in an announcement.

It additionally recorded a S$413 million lower in prices related to gasoline for the six-month interval however flagged considerations round a spike in costs because of provide dangers within the oil market.

A Singapore Airways aircraft is seen among the many planes within the static show on the Singapore Airshow in Singapore, February 16, 2022. REUTERS/Caroline Chia/File Photograph Acquire Licensing Rights

Singapore Airways and its finances arm, Scoot, carried round 17.4 million passengers throughout the half-year, a rise of 52.3% year-on-year.

The group expects to return to pre-Covid passenger capability ranges inside fiscal 2024-2025, it added.

The agency additionally intends to redeem 50% of the zero-coupon obligatory convertible bonds (MCBs) that it issued in June 2021 to help its steadiness sheet amid an virtually complete shutdown of air journey throughout the pandemic.

The newest redemption, to be paid to eligible bondholders on Dec.26 on a pro-rata foundation, will see Singapore Airways meet the accreted principal quantity payable of 110.408% of the MCBs’ principal quantity or round S$1.71 billion.

The airline additionally stated the proposed merger between Air India and its three way partnership with India’s Tata Group, Vistara, was on target and remained topic to approvals from regulators and authorities in each nations.

($1 = 1.3543 Singapore {dollars})

Reporting by Rishav Chatterjee and Nausheen Thusoo in Bengaluru; Enhancing by Janane Venkatraman

Our Requirements: The Thomson Reuters Trust Principles.

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