SIA’s 2QFY25 headline net profit of S$290m (-59% y-o-y, -36% q-o-q) came in below our guided range of S$360m-460m, due to slightly higher-than-expected operating costs.
While pax travel and cargo demand are robust, SIA’s core profitability is likely to stay in an overall moderating trend in FY25-26, as pax and cargo yields remain under pressure amid an increased capacity supply.
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SIA's 2Q/1HFY25 earnings missed expectations...
Singapore Airlines (SIA)’s 2QFY25 headline net profit of S$290m (-59% y-o-y, -36% q-o-q) came in below our guided range of S$360m- 460m.
Excluding non-core items such as gains/losses from fuel hedge, disposals and/or forex translation, 1HFY25 core net profit fell 41% y-o-y to S$669m by our estimate, forming 38% of our full-year forecast. This is deemed a miss, even though 2H could be seasonally stronger.
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…due mainly to slightly higher-than-expected operating costs.
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