- SIA's 2QFY25 earnings missed expectations amid higher-than-expected costs.
- See SIA's announcement dated 08 Nov 2024 – SIA reported net profit of S$290.3mil (-35.7% q-o-q, -58.9% y-o-y) in 2QFY25, bringing 1HFY25 net profit to S$742.0mil, representing 44% of our full-year core net profit estimate. The group’s performance during the quarter fell short of our expectations due to higher-than-expected costs, leading to a weaker operating performance than we anticipated.
- - Read this at SGinvestors.io -
Top-line growth met our expectations.
- - Read this at SGinvestors.io -
- SIA's management also shared that the decline in passenger yields was broad-based across both premium and economy cabins.
- Meanwhile, the cargo segment was bolstered by robust e-commerce flows and ongoing disruptions to sea freights, resulting in improved cargo load (+3.6pts y-o-y to 57.2%). Although cargo yields fell 7.9% y-o-y, they remained 22% higher than pre-pandemic levels.
Ex-fuel unit costs fell less than expected.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Jason SUM CFA DBS Group Research | Tabitha FOO DBS Group Research | Paul YONG CFA DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-11-12
Previous report by DBS:
2024-08-02 SIA - Flying Through Strong Headwinds.
Price targets by 4 other brokers at SIA Target Prices.
Listing of research reports at SIA Analyst Reports.
Relevant links:
SIA Share Price History,
SIA Announcements,
SIA Dividends & Corporate Actions,
SIA News Articles
