- SIA reported record 2QFY23 revenue led by strong growth in passenger flown revenue.
- Resumption of interim dividend of S$0.10 per share.
- Strong near-term forward sales.
A strong beat in 1HFY23
- - Read this at SGinvestors.io -
- Despite inflationary pressure and higher fuel costs which caused expenditure to double in 1HFY23, SIA’s operating income reversed from a loss of S$619.4m in 1HFY22 to a profit of S$1.2b in 1HFY23, driven by stronger revenue growth.
- SIA's bottom line is back in the black, from a loss of S$836.8m a year ago to a profit of S$926.9m in 1HFY23.
Earlier reinstatement of interim dividend and MCBs
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- Management also views the MCBs as the most expensive source of financing at the moment. While management did not comment on the possibility of early redemption of SIA’s second tranche of MCBs, we think it is highly possible given SIA’s strong cash position.
Overall capacity reached an average of 73% of pre-COVID levels in 1HFY23 (cargo: 86%; passenger: 68%)
- Read more at SGinvestors.io.
