SINGAPORE — The Singapore Airlines (SIA) group on Tuesday (May 16) reported a record annual profit of S$2.16 billion, reversing three straight years of losses.
The Singapore Airlines group on Tuesday reported a record annual profit of S$2.16 billion, reversing three straight years of losses.Strong demand for air travel drove revenue, operating profit and passenger load factor, said SIA.
"Working collaboratively with key members of Singapore’s aviation ecosystem, both carriers were among the first to launch flights as borders reopened, and captured the pent-up demand as air travel returned," said SIA. "Macroeconomic headwinds dampened consumer demand, while high inventory levels led to a slowdown in new orders," said the group.
But it warned that geopolitical and macroeconomic uncertainties, as well as high-cost inflation, could pose challenges for the airline industry in the months ahead. The group will expand its services to China with the resumption of Scoot’s flights to Haikou, Ningbo, Xi’an, Nanning and Shenyang, Jinan and Nanchang.
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