- Despite declining yields amid stiffer competition, SIA recorded its highest quarterly turnover of S$5.2b (+2.7% y-o-y) on robust passenger carriage.
Steady FY3Q25 results even ex one-off gains.
- - Read this at SGinvestors.io -
Record passenger carriage despite lower yield.
- Spurred by seasonally strong demand for air travel in 3rd quarter of the financial year (October to December), passenger revenue grew 1.7% y-o-y, with SIA and Scoot carrying a quarterly record of 10.2m passengers (+7.2% y-o-y).
- Group passenger load factor fell 1.0ppt to 87.2%, as the 7.2% growth in passenger traffic lagged the capacity expansion of 8.5%. As expected, keen competition due to industry capacity injection continues to put pressure on passenger yields (-4.5% y-o-y to 10.7 cents/pkm.
- - Read this at SGinvestors.io -
Steady cargo demand on e-commerce activity.
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Eric Ong Maybank Research | https://www.maybanktrade.com.sg/ 2025-02-21
Previous report by Maybank:
2024-11-11 Singapore Airlines - Weaker-than-expected 2QFY25; Competition Takes Toll.
Price targets by other brokers at SIA Target Prices.
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