Singapore Airlines flags near-term competition in international travel

Singapore Airlines said Thursday it expects competition to intensify in the coming months as carriers scramble to take advantage of strong overseas travel demand that helped the city-state's flagship airline to post a record first-quarter profit. Airlines across the world are investing in improving flight frequencies and adding new destinations to reap maximum benefit of the travel rebound following easing border curbs, even as high cost inflation and elevated fuel prices snap at their heels. "Macroeconomic and geopolitical uncertainties, as well as inflation, could pose challenges for the airline industry," the company said. Singapore Airlines said it will monitor these trends closely, and adjust its capacity and network accordingly. The airline reported a net profit of S$734m ($554.84m) for the three months ended June 30, compared with S$370m a year earlier. Passenger load factor — a measure of how many seats are filled on planes — for Singapore Airlines was 88.9% in the quarter, compared with 79.0% a year ago. Revenue for the quarter rose 14% to S$4.48b.<br/>