Singapore Airlines Group more than doubled its net profit in the third quarter after earning one-time accounting profits from the merger of former joint venture Vistara with former India.
For the three months ended December 31, 2024, the airline group consisting of mainline operators SIA and low-cost armscoots was compared to a net profit of S$659 million a year ago. recorded a net profit of SG$1.6 billion ($1.2 billion).
The group recorded non-cash accounting profits of S$1 billion since the merger that was completed in November 2024, and SIA has acquired a 25.1% stake in newly registered Air India.
At the operational level, the SIA Group also improved its profits. This was SGD 629 million, an increase of 3% from the previous year. This marked a 2.7% increase in operating revenue to S$5.2 billion.
Passenger revenue improved year-over-year despite SIA and Scoot hitting quarterly records in passenger volume, carrying 10.2 million passengers and a 4.5% reduction in harvest yields.
“We expect strong travel demand to continue until the end of the fiscal year despite the continued competitive operating environment.
Group costs rose 2.6% to SGD 4.599 billion, with SIA saying the increase in non-fuel costs below overall capacity growth.
Mainline operator SIA finished the quarter with a 153 surgical fleet, with Scoot's fleet standing on 54 aircraft.
