- Singapore Airlines (SIA, SGX:C6L) posted a record 3QFY24 (Oct to Dec 2023) revenue of S$5.08b – This was up 4.9% y-o-y, and 8.5% q-o-q. SIA's passenger flown revenue grew 10.6% y-o-y to S$4.17b, despite a 7.4% decline in passenger yields led by the low cost carrier segment (Scoot).
Improved Passenger Load Factor
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Decline Cargo Yields
- Cargo flown revenue remained a drag, down 35.1% y-o-y to S$559m, though this was up 7.7% q-o-q due to strong year-end demand from the eCommerce segment.
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Group expenditure outpaced revenue growth during the quarter, weighing on operating profit
- Group expenditure increased by a larger 9.3% y-o-y to S$4.47b. Non-fuel expenditure increased by 9.5% y-o-y, in line with overall passenger and cargo capacity. On the other hand, net fuel costs increased by 9.1% y-o-y, as higher volume uplifted and a lower fuel hedging gain were partially offset by a decline in fuel prices.
- Altogether, SIA reported a 3QFY24 operating profit of S$609m, down 19.3% y-o-y and 23.8% q-o-q.
3QFY24 net profit up 4.9% y-o-y
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