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BRIEF-Singapore Airlines Posts HY Net Profit S$1,441 Mln Versus S$927 Mln

Reuters SG
·2-min read

Nov 7 (Reuters) - Singapore Airlines Ltd:

* HY NET PROFIT S$1,441 MILLION VERSUS S$927 MILLION

* INTERIM DIVIDEND OF 10 SG CENTS PER SHARE

* HY TOTAL REVENUE S$9,162 MILLION VERSUS S$8,417 MILLION

* DEMAND FOR AIR TRAVEL IS EXPECTED TO REMAIN HEALTHY LEADING UP TO END OF FINANCIAL YEAR

* SIGNIFICANT CAPACITY RESTORATION ACROSS INDUSTRY, ESPECIALLY IN ASIA-PACIFIC REGION, COULD PUT PRESSURE ON PASSENGER YIELDS

* DEMAND FOR AIR FREIGHT IS EXPECTED TO REMAIN SOFT IN TRADITIONAL PEAK Q3 OF FY2023/24

* WILL CLOSELY MONITOR MARKET CONDITIONS AND ADJUST ITS OPERATIONS AS NECESSARY

* HIGH FUEL PRICES DUE TO SUPPLY RISKS IN OIL MARKET, AND INFLATIONARY PRESSURES ON NON-FUEL COSTS ARE KEY CONCERNS

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* WILL CONTINUE TO LEVERAGE STRENGTH OF ITS PORTFOLIO OF AIRLINES, AND DEPLOY RIGHT VEHICLES TO RIGHT MARKETS

* HEIGHTENED GEOPOLITICAL RISKS AND MACROECONOMIC UNCERTAINTIES CONTINUE TO POSE CHALLENGES FOR AIRLINE INDUSTRY

* PROPOSED MERGER OF AIR INDIA AND VISTARA REMAINS ON COURSE

* SIA GROUP CAPACITY IS EXPECTED TO REACH AN AVERAGE OF AROUND 92% OF PRE- PANDEMIC LEVELS IN DECEMBER 2023

* GROUP EXPECTS TO RETURN TO PRE-COVID CAPACITY LEVELS WITHIN FY2024/25

* FOR NORTHERN SUMMER 2024 OPERATING SEASON SIA WILL RAMP UP SERVICES TO DESTINATIONS ACROSS ITS NETWORK

* FLIGHT FREQUENCIES WILL BE INCREASED TO REACH/EXCEED PRE- PANDEMIC LEVELS ACROSS MULTIPLE POINTS FOR NORTHERN SUMMER 2024 SEASON

* WILL LAUNCH FOUR-TIMES WEEKLY DIRECT FLIGHTS BETWEEN SINGAPORE AND BRUSSELS IN APRIL 2024, SUBJECT TO REGULATORY APPROVALS

* IN NORTHERN WINTER OPERATING SEASON SIA WILL RE-INTRODUCE SERVICES TO CHONGQING, AMONG OTHERS

* AS OF 30 SEPT 2023, GROUP'S OPERATING FLEET HAD 202 AIRCRAFT COMPRISING 195 PASSENGER AIRCRAFT AND SEVEN FREIGHTERS

* SCOOT WILL DEPLOY SUPPLEMENTARY SERVICES TO HONG KONG SAR, MELBOURNE, AND SYDNEY FROM DECEMBER 2023 TO FEBRUARY 2024

* SIA WILL ALSO RAMP UP FREQUENCIES TO GUANGZHOU FROM NOVEMBER 2023 FROM DAILY TO DOUBLE DAILY

* SCOOT WILL RESUME OPERATIONS TO KUNMING AND CHANGSHA FROM NOVEMBER 2023

* AS OF 30 SEPTEMBER 2023, GROUP SHAREHOLDERS’ EQUITY WAS S$17.3 BILLION

* AS OF 30 SEPTEMBER, TOTAL DEBT BALANCES DECREASED BY S$0.7 BILLION TO S$14.7 BILLION

* ANNOUNCES REDEMPTION OF S$3.4 BILLION OF MANDATORY CONVERTIBLE BONDS IN JUNE 2023

* ON 7 NOV ANNOUNCED INTENTION TO REDEEM 50% OF REMAINING MCBS THAT WERE ISSUED IN JUNE 2021

* ACCRETED PRINCIPAL AMOUNT PAYABLE, BEING 110.408% OF PRINCIPAL AMOUNT OF MCBS THAT WERE ISSUED IN JUNE 2021, WILL BE S$1,710.4 MILLION Source text for Eikon: Further company coverage: