Travel Industry News at since 1997
Friday, 28 July 2023

Singapore Airlines Reports Best Quarterly Performance in its History

(28/07/23)  The SIA Group has reported a net profit of $734 million in the first three months of FY2023/24, the highest quarterly performance in its history.

Group passenger capacity expanded by 32.4% year-on-year as restrictions on international air travel eased globally.

Singapore Airlines (SIA) and Scoot carried 8.4 million passengers during the quarter, 65.5% higher than a year before, with strong demand across all route regions and market segments.

Passenger traffic and load factors improved across all markets, with the year-on-year traffic growth of 49% outpacing the capacity expansion.

The Group achieved a record quarterly passenger load factor (PLF) of 88.9%, with SIA’s PLF at a record 88.1% and Scoot’s at a record 91.7%.

The cargo segment’s performance declined year-on-year as the demand for air freight continued to soften.

Singapore Airlines A380 reg: 9V-SKT. Picture by Steven Howard of Click to enlarge.
Singapore Airlines A380 reg: 9V-SKT. Picture by Steven Howard of

Cargo loads dipped 11.3% year-on year, while capacity grew 12.1%, primarily from the increase in bellyhold capacity as more passenger flights returned to service.

Cargo load factor fell by 13.7 percentage points to 51.8%, and cargo yields fell 44.3% compared to last year.

Nevertheless, cargo yields at 44.6 cents per load tonne-kilometre remained 50% above the pre-Covid level of 29.7 cents per load tonne kilometre (first quarter of FY2019/20).

As a result, Group revenue rose $551 million (+14%) year-on-year to $4,479 million, with the higher passenger flown revenue of $1,001 million (+37.4%), partially offset by a $555 million (-50.6%) decline in cargo flown revenue.

Expenditure increased $353 million (+10.5%) year-on-year to $3,725 million, with the rise in non-fuel expenditure of $572 million (+27.3%) partly offset by a $220 million decrease (-17.3%) in net fuel cost.

Net fuel cost fell to $1,053 million mainly due to a 33.4% decrease in fuel prices (-$599 million), despite higher volumes uplifted (+$305 million) and lower fuel hedging gains (+$101 million). The 27.3% increase in non fuel expenditure was within the 32.4% increase in passenger capacity.

The Group posted an operating profit of $755 million, $199 million (+35.8%) better than the $556 million operating profit a year before. SIA generated a record operating profit of $738 million, an improvement of $113 million. Operating profit for Scoot was $24 million, up $76 million compared to the prior year.

Group quarterly net profit was up $364 million, or 98.4% higher than last year at $734 million. This was mainly attributable to the better operating performance (+$199 million), a net interest income versus a net finance charge last year (+$144 million), and a share of profits versus a share of losses of associated companies last year (+$81 million), and partially offset by this year’s higher tax expense (-$62 million).

First Quarter FY2023/24 – Balance Sheet

As of 30 June 2023, the Group shareholders’ equity was $17.2 billion, a decline of $2.7 billion from 31 March 2023, following the $3.4 billion redemption in June 2023 of half of the Mandatory Convertible Bonds (MCBs) that were issued in June 2021.

Cash and bank balances decreased $2.5 billion to $13.8 billion, with the drop in cash balance from the redemption of the MCBs partially mitigated by the net cash generated from operations of $1.6 billion, which included proceeds from forward sales.

As total debt balances remained at $14.7 billion, the Group’s debt-equity ratio increased from 0.77 times to 0.86 times.

In addition to the cash on hand, the Group retains access to $2.2 billion of committed lines of credit, all of which remain undrawn.

Fleet Development

SIA added four aircraft to its operating fleet in the first quarter: one Airbus A350-900 (delivered in March 2023), two Boeing 787-10s (delivered in April 2023 and June 2023), and one 737-8 (delivered in February 2022) after its cabin retrofit.

As of 30 June 2023, the Group had 199 aircraft in its operating fleet comprising 192 passenger aircraft and seven freighters.

SIA’s operating fleet comprised 137 passenger aircraft and seven freighters (23 777-300ERs, 12 A380s, 62 A350s, 17 787-10s, seven 737-800s, and 16 737-8s), while Scoot had 55 passenger aircraft (10 787-8s, 10 787-9s, 20 A320ceos, six A320neos, and nine A321neos).

The Group has 99 aircraft in its order book (28 Airbus aircraft (three A350s, 12 A320neos, six A321neos, seven A350Fs), 62 Boeing aircraft (31 777-9s, 18 787s, 13 737-8s), and nine Embraer E190-E2 aircraft).

With an average age of six years and 11 months, the Group operates one of the youngest and most fuel-efficient fleets in the airline industry.

Network Development

In the first quarter, Scoot expanded its footprint in China with the resumption of services to seven destinations (Changsha, Haikou, Nanning, Ningbo, Shenyang, Wuhan, and Xi’an).

With those additions, SIA and Scoot collectively serve 17 destinations in China, with Scoot serving 14 points and SIA serving four points.

As of 30 June 2023, the Group’s passenger network, including Singapore, covered 116 destinations in 36 countries and territories. SIA served 74 destinations while Scoot served 65 destinations.

The cargo network, including Singapore, comprised 121 destinations in 38 countries and territories.

SIA will resume four-times weekly services to Busan from 28 August 2023. During the Northern Winter operating season (29 October 2023 to 30 March 2024), SIA will increase frequencies to Hong Kong SAR, Japan (Fukuoka, Haneda, Nagoya, and Osaka), and Thailand (Bangkok and Phuket).

In response to the strong demand during the year-end peak travel season, SIA will operate supplementary services to Adelaide, Brisbane, Christchurch, Melbourne, Perth, and Sydney from 22 November 2023.

From 31 January 2024, additional frequencies will be mounted to Frankfurt until the end of the  Northern Winter operating season.

Scoot resumed flights to Jinan and Shenzhen in China in July 2023, and will serve Nanchang from August 2023.

From 29 October 2023, Scoot will inject additional frequencies to Chiang Mai, Davao, and Jeddah.

The low-cost carrier will also restructure its existing direct flights to Athens and Berlin, and operate thrice weekly Singapore Athens-Berlin services during the Northern Winter season.

Subject to regulatory approvals, SIA and Scoot will restructure their Bengaluru, Chennai and Hyderabad services from 29 October 2023. As part of this move, SIA will offer daily morning and evening services to Bengaluru. The SIA Group will also increase its services between Singapore and Chennai from 17-times weekly to 21-times weekly, with Scoot commencing daily operations to the city after SIA transfers some of its Chennai services to the low-cost carrier from 5 November 2023. In addition, SIA will progressively increase its weekly service between Singapore and Hyderabad from seven times weekly to 12-times weekly, taking over Scoot’s daily services between the two cities.

The SIA Group’s capacity remains on track to reach an average of around 90% of pre-Covid (January 2020) levels by March 2024.

Strategic Initiatives

Work continues on the proposed merger of Air India and Vistara, which will result in SIA taking a 25.1% stake in the enlarged Air India Group when the transaction has been completed.

In May 2023, Garuda Indonesia and SIA agreed on plans for a route joint venture arrangement that would deepen the cooperation between the two carriers. The proposed route joint venture, subject to regulatory approvals, would potentially allow the coordination of schedules between Singapore and Indonesia, and explore new initiatives such as joint fare products, and cross participation of frequent flyer programmes.

Enhancing the Customer Experience

In February 2023, SIA became one of the first airlines to roll out complimentary unlimited in-flight Wi-Fi for all Business Class customers, as well as its PPS Club members and PPS Club supplementary card holders.

KrisFlyer members were given free three-hour and two-hour Wi-Fi plans when travelling in Premium Economy Class and Economy Class respectively.

This benefit was enhanced from 1 July 2023, to allow all KrisFlyer members travelling in Premium Economy Class and Economy Class access to complimentary unlimited in-flight Wi-Fi.

The enhanced Wi-Fi offering is available on 95% of SIA’s aircraft fleet except for seven Boeing 737-800s and across almost the entire SIA route network.


The demand for air travel is expected to remain robust for all route regions through the summer peak, with forward passenger bookings closely tracking capacity injection across most markets over the next three months.

Competition is expected to intensify in the coming months as more capacity is injected into international routes.

Cargo demand is expected to remain soft in the near term due to inflation and weak economic conditions. As more airlines add passenger services, bellyhold capacity will continue to increase globally. Inventory overhang and the easing of supply chain constraints have also resulted in a modal shift towards sea freight. Higher competition, as well as softer cargo demand, may continue to exert downward pressure on cargo yields, particularly on key trade lanes.

All hedge positions that were contracted at lower Brent prices prior to Covid have matured as at end of the first quarter of FY2023/24. The remaining hedge positions from the second quarter of FY2023/24 onwards are at prices closer to prevailing market levels.

Latest exclusive video interviewsMiss International Queen 2024 (MIQ 2024) - Interview with Alisa Phanthusak, MD, Tiffany's Show Pattaya, Thailand; 16 HD Video Interviews from Routes Europe 2024 in Aarhus, Denmark; 9 HD Video Interviews from Routes Asia 2024 in Langkawi, Malaysia; Standard to Open Residences in Hua Hin and Phuket, Thailand; Video Interview with Amar Lalvani, Executive Chairman; 9 Exclusive Video Interviews from ASEAN Tourism Forum 2024 in Vientiane, Laos; 8 NTO Press Conferences from ASEAN Tourism Forum 2024 in Vientiane, Laos; 13 HD Video Interviews from World Travel Market 2023 in London, England; 5 HD Video Interviews from APG World Connect 2023 in Monaco, France; and 15 HD Video Interviews from Routes World 2023 in Istanbul, Türkiye.

Headlines: Minor to Take Over Management of Iconic Hotel in Bangkok, Thailand  Singapore Airlines to Launch Flights to Beijing Daxing; Increase Beijing Capital Service  Marriott Opens Fourth Courtyard Hotel in Malaysia  Momentus Hospitality Appoints Chow Keng Hai as General Manager  Helicopter Designed for French Special Forces Begins Flight Tests  Westin Resort Opens in Cam Ranh, Vietnam  Google Wallet Compatibility Added to Vingcard's Digital Key Solution, Mobile Access  Cross Signs New-Build Resort on Batam Island in Indonesia  Korean Air Increasing Select Flights to China and Japan  Air Astana Donates Upcycled Aircraft Furniture to Almaty Airport  Jetstar Asia Resumes Flights Between Singapore and Clark, Philippines  Sabre Hospitality to Showcase SynXis Concierge.AI at HITEC 2024  St. Regis Resort Opens in Al Mouj, Oman  Percy Muncherji and Ron Cusiter Join Thailand's Centara Hotels and Resorts  Four Seasons Yachts Unveils Details of More Voyages Planned for 2026  Sabre to Upgrade Sun Siyam Resorts' Distribution and Retailing Strategy  Positive Outlook as Asia Pacific Airlines Return to Profitability  SITA Reports Continued Reduction in Mishandled Baggage by Air Transport Industry  Scandinavian Airlines Launches Daily Flights Between Copenhagen and Atlanta, USA  Belgium Orders 17 Airbus H145M Helicopters  AirAsia Resumes Direct Flights Between Kuala Lumpur and Pattaya, Thailand  Vietnam Airlines Launches Flights Between Saigon and Manila, Philippines  Korean Air Selects Air Incheon as Preferred Bidder for Asiana's Freighter Business  Marriott to Significantly Expand Portfolio of Hotels in France  Avianca Resumes Eleven International Routes  IndiGo to Launch Flights from Durgapur to Bhubaneswar, Bagdogra and Guwahati in India  Vietnam Airlines Continues Digital Transformation with Amadeus' Altea PSS  IHG Signs First Kimpton Resort in Hawaii  Cathay Pacific to Launch Passenger Flights Between Hong Kong and Riyadh, Saudi Arabia  Laurence Neumann Joins Gran Melia Nha Trang as DOSM  Miss International Queen 2024 - Video Interview with MD of Tiffany's Show Pattaya  Frasers Hospitality Expands Sabre Partnership with SynXis Retailing  IHG Signs Holiday Inn Resort in Kufri, India  Charles Szar Joins AeroTransCargo as President  Saudi Arabia's Travel and Tourism Sector Continues to Break Records  Sabre Market Intelligence Reveals Key Insights into China's Outbound Travel Trends  Geoff Donaghy, CEO of ICC Sydney, Resigns  Emirates to Launch Dubai - Seychelles - Madagascar Flights  Pan Pacific Returns to Jakarta with Tallest Luxury Hotel in the City  Saudia and Virgin Atlantic Sign Codeshare Agreement  SalamAir to Launch Flights Between Muscat and Delhi, India  Radisson to Expand Red Hotel Brand to Bangkok, Thailand  Plaza Premium Expands Number of Personalised Services at Hong Kong Airport  IndiGo to Increase Flights from Delhi to Almaty, Tashkent and Tbilisi  Vietnam Airlines Joins IATA CO2 Connect  Dusit Signs Dual-Branded Hotel and Residences in Phuket, Thailand  Jetstar to Launch Flights Between Brisbane and Bangkok, Thailand  Hong Kong Airlines to Launch Flights to Da Nang, Vietnam  Singapore University Working with SITA to Upgrade Air Travel Experience  Germany Orders 38 Airbus H225 Helicopters for Bundespolizei  AI to Reduce Food Waste at All Mandarin Oriental Hotels Globally  ITA Airways to Upgrade Network Infrastructure with SITA Connect Go  Accor to Implement Amadeus' Cloud-Based Central Reservation System  Gonzalo Aguilar to Join Minor Hotels as CEO - Europe & Americas  Cathay Pacific and Singapore Airlines to Collaborate on Sustainable Initiatives  Thai AirAsia to Launch Flights Between Bangkok and Tiruchirappalli, India  Minor Takes Over Management of Two Hotels in Sri Lanka  CapitaLand Completes Acquisition of Standard at Columbia Student Accommodation in USA  Singapore Airlines Renews Slot and Schedule Manager Agreement with Sabre  Austrian Airlines to Increase Flights to Bangkok, Thailand  Riyadh Air and Singapore Airlines to Explore Interline Connectivity and More  Mandarin Oriental Opens Second Hotel in London, England  Mexicana Orders 20 Embraer E2 Aircraft  Lufthansa Launches Flights Between Munich and Seattle, USA  Airbus to Showcase Wingman Concept at ILA Berlin  Marriott Resort Opens in Lampung, Indonesia  IndiGo and Japan Airlines Agree to Codeshare  Ritz-Carlton Reserve Opens on Ummahat Island in Saudi Arabia  Norse Atlantic Airways Launches Flights Between Athens and New York, USA  British Airways Opens Refurbished Lounge at Lagos Airport in Nigeria  Hong Kong Airport Reports Robust Increases in Passenger and Cargo Traffic  Marriott Opens Luxury Collection Resort in Labuan Bajo, Indonesia  Dusit Expands Senior Development Team with Two Executive Appointments  Hong Kong Airlines to Launch Flights to Taichung, Taiwan  Aviation: RPK Up 11%, ASK Up 9.6 and PLF at 82.4% in April 2024  Furama to Rebrand Hotel in Sydney, Australia  Asia Pacific Airlines Carried 28 Million International Passengers in April  IHG Signs Two Crowne Plaza Hotels in Egypt  IATA Reports Latest Air Cargo Data  Air Canada Expands Ottawa Network  Marriott Signs Tribute Portfolio Hotels in Chongqing, Jiande and Xiaoshan, China  Keishi Spa Swan Valley Relocates to Novotel Perth Murray Street in Australia  Korean Air's Afforestation Project in Baganuur, Mongolia Celebrates 20th Anniversary  Etihad Airways Becomes Main Sponsor of Girona FC  Rolls-Royce Adds Airline Support Baltic to Network of Authorised Service Centers  IndiGo to Launch Nagpur - Chhatrapati Sambhajinagar - Goa Flights  Radisson Signs Blu Resort in Ho Tram, Vietnam  Treamprom Klinhom Joins Moxy Bangkok Ratchaprasong as MarCom Manager  The Slate Phuket Launches Promotion for Thai Residents  Airbus to Establish Tech Hub in Japan  Sabre Embraces Increasing Power of AI to Launch SabreMosaic  Thailand International Boat Show to Take Place at Phuket Yacht Haven in 2025  Aeroflot Opens Ticket Sales on Flights Between Krasnoyarsk and Sanya, China  Norwegian Cruise Line Unveils Details of 24 Port-Intensive Cruises Across Asia  British Airways to Launch Seasonal Flights to Tromsø, Norway  SITA Expands Portfolio of Airport Solutions with Materna IPS Acquisition  United Airlines Takes Wrexham AFC's Recent Success to New Heights  Peter Tichy Joins Radisson Blu Plaza Bangkok as General Manager  SMFL LCI Orders 14 Airbus Helicopters  Apollo Extends Charter Contract with Scandinavian Airlines (SAS)  Garuda Indonesia and Singapore Airlines Sign FFP and Revenue Sharing Agreements  Mandarin Oriental Signs Fifth Luxury Hotel in Italy  Saudia Signs Firm Order for 105 Airbus Aircraft  IHG Signs Three Resorts in Turks & Caicos  Plaza Premium Appoints Dr. Syafrina Sharif as Global Head of ESG & Sustainability  TFE Hotels Launches New Loyalty Program  The First Collection at Jumeirah Village Circle Joins Marriott's Tribute Portfolio  Emirates to Double Number of Flights to Saigon, Vietnam  Korean Air Partners AWS for AI-Powered Contact Center  GOLIAT Project to Explore Use of Liquid Hydrogen in Aviation  Singapore Airlines to Establish a Foundation  Plaza Premium to Open City Terminal Lounge in Osaka, Japan  ATR Appoints Andrea Coccetti as CFO and SVP Finance  Pegasus Airlines to Launch Flights Between Ankara and Dublin, Ireland  Hawaiian Airlines Launches Flights Between Honolulu and Salt Lake City  IHG Signs Crowne Plaza Resort in Nepalgunj, Nepal  Minor Hotels Appoints Puneet Dhawan as Head of Asia  Pegasus Airlines Launches Flights Between Istanbul and Bratislava, Slovakia  Amelia Appoints APG as Online GSA in Belgium and Offline GSA in Luxembourg  Queen Elizabeth 2 Hotel in Dubai Appoints Nidal Shbat as Director of Sales  Cross Launches New Hotel Brand  Air Astana Warns Nomad Club FFP Members About Upcoming Upgrade  WTM London 2024 Opens Call for Papers  IndiGo to Launch Direct Flights Between Deoghar and Bengaluru  Travel and Tourism Industry Deal Activity Down 13.5%  Thai AirAsia Reports Q1 2024 Results  Greg Gubiani Joins World's Best Airport Hotel as GM  Passenger Security Charge at Hong Kong Airport to Increase in Phases  Hotel Management Japan to Upgrade Distribution with SynXis and Channel Connect  Trials on Use of Renewable Diesel for Airside Vehicles at Singapore Changi Airport  IHG to Expand Hotel Indigo and Vignette Collection Brands to Vietnam  Pegasus Airlines to Launch Flights Between Istanbul and Edinburgh, Scotland  Philippines and Singapore Agree to Significantly Improve Air Connectivity  Lokesh Kumar Joins Minor Hotels as Vice President of Development - Middle East  Norse Atlantic Reports Strong Passenger Numbers for April 2024  Hong Kong to Host Routes World 2025  Emirates to Refurbish 71 More A380 and B777 Aircraft  Yotel Partners Frasers Hospitality for First Hotel in Japan  British Airways Holidays Reveals Results from 2024 Travel Trends Report  Hangzhou ZhongWei Goethe Hotel Joins WorldHotels  Four Seasons Signs New-Build Luxury Hotel in Madinah, Saudi Arabia  Etihad Airways Offers Free Hotel Stays in Abu Dhabi Stopover Promotion  Shell Sells Energy and Chemicals Park in Singapore  SWISS Launches Flights Between Zurich and Seoul, South Korea  Marriott Opens First AC Hotel in Southwest China  High-Speed Fun in Denmark! HD Video Interview with Aarhus Sea Rangers  Lodz Airport (LCJ) Central Poland - Interview with Robert Makowski, Commercial Director (CCO)  Greenland Airports - Interview with Jens R. Lauridsen, CEO  Glasgow (GLA), Southampton (SOU) and Aberdeen Airports (ABZ) - Interview with Christopher Tibbett, Aviation Director  Visit Aarhus - Interview with Pia Lange Christensen, CEO  Aarhus Airport (AAR) in Denmark - Interview with Lotta Sandsgaard, CEO  Visit Estonia - Interview with Kristina Kästik, B2B Team Lead, at Routes Europe 2024  Airsiders - Interview with Antonio Pascale, Commercial Director, at Routes Europe 2024  PDC Airport Solutions - Interview with Flemming Glyager at Routes Europe 2024 in Aarhus, Denmark  Hannover Airport (HAJ) - Interview with Prof. Dr. Martin Roll, CEO  Princess Juliana Airport (SXM) - Interview with Michiel Parent, Commercial Director  London Southend Airport (SEN) - Interview with Marc Watkins, RDM  Tallinn Airport (TLL) in Estonia - Interview with Eero Pärgmäe Board Member and CCO  Isle of Man Airport (IOM) - Interview with Gary Cobb, Airport Director  Visit Isle of Man - Interview with Deborah Heather, CEO, at Routes Europe 2024  OAG - Interview with Chelsea Waller at Routes Europe 2024 in Aarhus, Denmark  Nine Exclusive HD Video Interviews from Routes Asia 2024 in Langkawi, Malaysia  9 Exclusive Video Interviews with VIPs at ASEAN Tourism Forum 2024 in Vientiane, Laos  8 NTO Press Conferences from the ASEAN Tourism Forum 2024 in Vientiane, Laos  13 Exclusive HD Video Interviews from World Travel Market 2023 in London, England  5 Exclusive HD Video Interviews from APG World Connect 2023 in Monaco, France  15 Exclusive HD Video Interviews from Routes World 2023 in Istanbul, Türkiye  Electric Airport Taxis at Almaty Airport in Kazakhstan - Video Interview with Co-Founder  Pictures from Miss International Queen 2023 Transgender Beauty Pageant in Pattaya, Thailand  Exclusive Video Interviews with 17 Miss International Queen 2023 Contestants  Living With One Eye - Six Years On by Steven Howard  HD Videos and Interviews  Podcasts from HD Video Interviews  RSS Feed - Travel Industry News  Ticker - Travel Industry News  Travel Industry News Archives  Travel Trade Shows  High-Res Picture Galleries  Travel News Asia - Latest Travel Industry News 

Subscribe to our Travel Industry News RSS Feed Travel Industry News RSS Feed from To do that in Outlook, right-click the RSS Feeds folder, select Add a New RSS Feed, enter the URL of our RSS Feed which is: and click Add. The feed can also be used to add the headlines to your website or channel via a customisable applet. Have questions? Please read our Travel News FAQ. Thank you.

Copyright © 1997-2024