Singapore Airlines Group more than doubled its net profit in the third quarter after getting a one-time accounting gain from the merger of former joint venture Vistara with Air India.
For the three months ended 31 December 2024, the airline group – comprising mainline operator SIA and low-cost arm Scoot – posted a net profit of S$1.6 billion ($1.2 billion), compared with a S$659 million net profit a year ago.
The group recorded a S$1 billion non-cash accounting gain from the merger, which was completed in November 2024 and resulted in SIA gaining a 25.1% stake in the newly-enlarged Air India.
At the operating level, SIA Group also improved its profit, which was up 3% year on year to S$629 million. This was on the back of a 2.7% rise in operating revenue to S$5.2 billion.
Passenger revenue improved year on year despite a 4.5% decline in yields, with SIA and Scoot hitting a quarterly record in passenger volumes, at 10.2 million passengers carried.
SIA expects strong travel demand to carry on to the end of the financial year, “even as the operating landscape continues to be competitive”.
Group expenses rose 2.6% to S$4.59 billion, with SIA noting that its non-fuel cost growth was below overall capacity growth.
Mainline operator SIA ended the quarter with an operating fleet of 153 aircraft, while Scoot’s fleet stood at 54 aircraft.
