SIA Group’s operating profit up to $556.4m in Q1 FY22
Singapore fully opened borders on April 2022.
The pent-up travel demand and reopening of borders to fully vaccinated travellers led to an increase in Singapore Airlines (SIA) Group’s operating profit to $556.4m in the first quarter of the fiscal year 2022.
In its report, SIA said this is the second highest quarterly operating profit in SIA Group’s history.
The airline group recorded that its net profit also posted $370.4m compared to a net loss of $209.9m in the fourth quarter of fiscal year 2021.
Its total revenue for this period grew to $3.910b in the fiscal year 2022 from $2.471b in the fiscal year 2021.
Fuel prices also increased 40% quarter-on-quarter amidst rising inflation, SIA said.
“Inflationary pressures including high fuel prices, heightened geo-political risks, and concerns about global economic outlook pose challenges to airline industry,” it added.