SIA (SGX:C6L)’s 9MFY26 results came in ahead of our expectations on higher revenue and narrowing losses from Air India – 3QFY26 revenue grew 5.5% y-o-y to a record S$5.5b. This was driven by a 6.1% y-o-y increase in passenger flown revenue to S$4.5b.
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Meanwhile, cargo revenue detracted, slipping 5.4% y-o-y to S$580.6m despite healthy seasonal demand. Cargo loads were fairly stable, down 0.1 ppt to 56.3%, but yields fell 6.2% amidst more intense competition.
9MFY26 revenue and operating profit grew 3.2% and 12.0% y-o-y...
For 9MFY26, SIA's revenue and operating profit grew 3.2% and 12.0% y-o-y to S$15.2b and S$1.6b, respectively
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Non-fuel expenditure was 2.3% higher.
... but net profit was down 68.6% y-o-y.
Altogether, 3QFY26 net profit fell 69% y-o-y to S$504.6m.
Excluding the one-off non-cash accounting gain on disposal of Vistara, the decline would have come in at 4.4% y-o-y, largely driven by a higher share of losses from associated companies as SIA only recognised one month of its share of Air India’s losses in 3QFY25 versus a full quarter this year.
Several positives.
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Above is an excerpt from a report by OCBC Group Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
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