Singapore Airlines’ second quarter was fine. Its first half wasn’t. Net profit rose fourfold in 2Q and still fell 44% for the half. Historic good results are historic.
The Half
SIA reported on November 11 for the six months to September 30.
Group passenger yield rose 12.2% in 2Q and cargo yield rose 22.3%. Fuel cost before hedging rose 63.3%. SIA said demand stays healthy. Fare and cargo rate increases, it said, “do not fully offset the impact of sustained high fuel prices.” Its Dubai flights and Scoot’s Jeddah service remain suspended. The Riyadh launch moves to March 2027.
On Air India, SIA said “a transformation of this scale will take time,” per ANI. SIA owns 25.1%. What the table above doesn’t say is why net profit jumped fourfold on S$65m of extra operating profit.
Behind the break: how much of the quarter was Air India. What hedging did to the margin. Where full-service and Scoot landed. And, our summary ‘What we would ask.’
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