SINGAPORE Airlines Ltd (SIA) on Tuesday posted its first annual profit since 2020 and projected robust demand for the next year as it saw strong demand in bookings to China, Japan and South Korea, after pandemic-related restrictions fell away across the world.
Pent-up demand following the reopening of domestic borders in April last year has helped the city-state's flag carrier bounce back from its pandemic-era losses.
However, the airline warned that increased competition, macroeconomic uncertainties and inflation could pose challenges for the industry in the months ahead.
Singapore Airlines estimates the group's capacity to reach an average of around 83% of pre-COVID levels in the first half of fiscal 2023/2024, it said in a statement.
The carrier, which is set to take a 25.1% stake in Air India, logged a net profit of S$2.16 billion ($1.63 billion) for the year ended March 31, compared with a loss of S$962 million in the previous year and higher than a Refinitv estimate of S$2.10 billion.
SIA's board proposed a final dividend of 28 Singapore cents per share for the year. - Reuters
