SIA’s Q3 profit soars to record $628m as passenger demand returns
Singapore Airlines posted record profits in its latest business update, thanks to strong air travel demand and a reopening of international borders. The airline group posted a net profit of $628m for the third quarter of its financial year ending March 30, 2023, adding up to a record $1.56b net profit for the nine months between April and December 2022. The figures were 12.7% up from the previous year’s Q3 profit of $557m, and a reversal from the $752m loss in the period from April to September 2021. This came on the back of an 8% year-on-year rise in Q3 revenue to $4.85b, adding up to topline growth of 158% to $13.26b for the nine months. The company’s balance sheet remained strong. As at Dec 31, 2022, the group’s shareholder equity was $19.4b, a reduction of $3b following a redemption of its June 2020 mandatory convertible bonds. Total debt was up $4b to $16.1b, mainly due to sale and leaseback activity. The group’s debt-equity ratio rose from 0.7 times to 0.83 times. Cash and bank balances rose from $1.6b to $15.4b. The group also retained access to $2.2b of committed lines of credit, but this has yet to be drawn. All this came on the back of robust demand and record passenger load factors across all cabin classes and routes. As at Dec 31, SIA’s route network, which includes that of its low-cost airline Scoot, comprised 111 destinations in 36 countries and territories including Singapore, versus 137 destinations in 37 countries and territories before the pandemic. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2023-02-22/star/sia2019s-q3-profit-soars-to-record-628m-as-passenger-demand-returns
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SIA’s Q3 profit soars to record $628m as passenger demand returns
Singapore Airlines posted record profits in its latest business update, thanks to strong air travel demand and a reopening of international borders. The airline group posted a net profit of $628m for the third quarter of its financial year ending March 30, 2023, adding up to a record $1.56b net profit for the nine months between April and December 2022. The figures were 12.7% up from the previous year’s Q3 profit of $557m, and a reversal from the $752m loss in the period from April to September 2021. This came on the back of an 8% year-on-year rise in Q3 revenue to $4.85b, adding up to topline growth of 158% to $13.26b for the nine months. The company’s balance sheet remained strong. As at Dec 31, 2022, the group’s shareholder equity was $19.4b, a reduction of $3b following a redemption of its June 2020 mandatory convertible bonds. Total debt was up $4b to $16.1b, mainly due to sale and leaseback activity. The group’s debt-equity ratio rose from 0.7 times to 0.83 times. Cash and bank balances rose from $1.6b to $15.4b. The group also retained access to $2.2b of committed lines of credit, but this has yet to be drawn. All this came on the back of robust demand and record passenger load factors across all cabin classes and routes. As at Dec 31, SIA’s route network, which includes that of its low-cost airline Scoot, comprised 111 destinations in 36 countries and territories including Singapore, versus 137 destinations in 37 countries and territories before the pandemic. <br/>
