Singapore Airlines reports 33.7pc yearly growth for May

Dhaka: Singapore Airlines Group recently announced its operating results for May 2023 that showed a continued passenger capacity growth, representing an increase of 33.7 per cent compared to the same period in 2022.

The airline also noticed a positive trend in its passenger traffic results, reflecting the "strong demand for air travel" across the region.

Specifically, Singapore Airlines and its low-cost arm, Scoot, carried a combined 2.8 million passengers in May, a considerable increase of 65 per cent compared to the same period in 2022.

Singapore Airlines Group's passenger load factor increased by ten percentage points and stood at 88 per cent during the month.

According to the group, Scoot recorded a monthly load factor of 90.7 per cent, which was its sixth consecutive month with a load factor above 90 per cent. Meanwhile, Singapore Airlines reported a monthly load factor of 87.2 per cent.

Currently, the Group's passenger network offers 114 destinations across 36 countries in Asia-Pacific, Europe, the Middle East, and North and South America.

While the business's passenger segment is experiencing a boom, Singapore Airlines Group cannot make the same assertion for its cargo operations.

During the month, the airline posted a load factor of 53.2 per cent, which was 12.2 percentage points lower than in 2022. According to the carrier, cargo loads declined by 7.6 per cent year-on-year. The negative results were attributed to due to weaker demand for cargo.

Currently, Singapore Airlines Cargo offers services to 118 destinations across 38 countries.

Also, in the financial year ended March 2023, the airline posted a record-breaking net profit of approximately SD 2.16 billion (USD 1.61 billion), reversing the SD 962 million loss posted the previous financial year.

The record-breaking net profit comes against the backdrop that the airline group's overall passenger capacity only reached about 79 per cent of pre-pandemic levels at the end of March 2023.

The airline group also earned a record revenue of about SD 17.78 billion (USD 13.24 billion), an estimated 133 per cent increase from last March's revenue of SD 7.62 billion (USD 5.68 billion).

Moreover, the operating profit witnessed a substantial surge, reaching SD 2.69 billion (USD 2 billion), effectively overturning the loss of about SD 610 million (USD 454.5 million) reported during the same period a year ago.

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