Singapore Airlines Reports Q1 Earnings

Singapore Airlines Ltd. has reported a decline in profit for the first quarter of the year. Key highlights from the company’s earnings report include:

• A 59% drop in net income compared to the same period last year, primarily due to losses at Air India, in which the company holds a 25.1% stake.
• A 13.8% decline in operating profit year-over-year.

Revenue and Passenger Numbers

• Revenue rose 1.5% year-over-year, despite a 6.9% increase in passenger numbers.
• The airline’s net fuel cost decreased 7.9% due to lower fuel prices.

Operating Environment

• Rising non-fuel costs offset the decrease in net fuel costs.
• The company faces a challenging operating environment due to:
  • Geopolitical tensions
  • Macroeconomic factors
  • Supply chain disruptions

Outlook

The company remains optimistic about travel demand over the peak summer period.