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.
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Top-line growth met our expectations.
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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 an excerpt from a report by DBS Group Research. Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
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