- Singapore Airlines (SIA) reported another strong set of results, with 1QFY24 revenue up 14% y-o-y to S$4.48b, underpinned by robust travel demand. See SIA's announcement dated 27 Jul 2023.
- - Read this at SGinvestors.io -
- On the other hand, cargo revenue declined 50.6% y-o-y to S$541.7m, weighed down by a 11.3% y-o-y drop in cargo loads even as capacity grew 12.1% with more passenger flights returning to service. Cargo yields were down 44.3% y-o-y at 44.6 Singapore cents per load tonne-kilometre, but remained elevated at 50% above pre-COVID levels.
- Group expenditure increased at a slower pace of 10.5% y-o-y to S$3.72b. A 27.3% increase in SIA's non-fuel expenditure was offset by a 17.2% decline in net fuel costs despite higher volumes uplifted, due to lower fuel prices and depreciation of the US$ against S$.
- - Read this at SGinvestors.io -
Cautiously optimistic outlook
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