Singapore Airlines’ Financial Performance Results in Profit in Second Quarter 2023

Singapore Airlines’ financial performance resulted in profit in the second quarter of its financial year. The airline remains in profit, having had a good performance at year-end back in March and has made a good profit in the first quarter of its financial year. Singapore Airlines has been moving from strength to strength since pandemic restrictions were lifted last year. Singapore Airlines anticipated that there would be issues with staff shortages as a result of layoffs during the pandemic when demand was less. The airline was, therefore, well prepared for the lifting of restrictions and could also fill voids left by other airlines.

singapore2 - Travel Radar - Aviation News
Singapore Airlines was well prepared for the lifting of restrictions. © Singapore Airlines

Singapore Airlines’ Financial Performance

This quarter, the company made a 707 million Singapore dollars profit. This is a 26.9% improvement on the profit made in the three months up to 30th September 2022. It is, however, a relatively small reduction of 4% on the profit made in the first quarter of this year, where the airline made 734 million Singapore dollars. As one can see, the profit Singapore Airlines has made is more than in the same period last year but is a slight decrease from the previous quarter.

Regarding Singapore Airlines’ revenue, the company has made 4.683 billion Singapore dollars in the three months up to September 30th 2023. This was a slight improvement on the same time in the previous year of 4.3%. There has also been a 4.6% improvement in Singapore Airlines’ revenue compared to the previous quarter. The fact that revenue has increased to a lesser extent than profit compared to last year’s quarter means that cost control has improved over the past year. However, compared to the previous quarter, where revenue has increased but profit reduced, cost control has weakened over the last quarter. This shows that in terms of Singapore Airlines’ financial performance, the company may have to pay attention to this, although the fact that cost control has improved overall over the past year is a positive sign.

singapore airlines' financial performance
Singapore Airlines has improved overall in the last year regarding cost control. © Singapore Airlines

Sustainable Aviation Fuel (SAF)

The company’s response to it’s financial performance is positive. It comments that overall half-year profits are at record levels. In addition, it also states that passenger load factors (proportion of seats occupied on planes) are also at record levels. The company has also discussed that it plans to start using Sustainable Aviation Fuel. Sustainable Aviation Fuel is plant-based and is heralded by many for being more environmentally friendly since it significantly reduces carbon emissions, thereby reducing global warming.

The report discusses how the company has completed a 20-month pilot program with the Civil Aviation Authority of Singapore and Singaporean investment company Temasek. Essentially the pilot supports the goal of creating a long-term SAF supply network for Singapore and confirmed the city state’s ability to carry out the practices required in using SAF.

As one can see, Singapore Airlines’ financial performance continues to make a profit. Cost control has overall improved from last year but has reduced slightly over the last quarter. The airline has a positive outlook and strives to improve its environmental credentials.

What do you think about the financial performance of Singapore Airlines this quarter? Let us know in the comments!

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Amuthan Chandrarajan
Amuthan Chandrarajan
Aviation Reporter - Amuthan has a background in residential and commercial real estate. He also has a keen interest in aviation and travel and has visited many countries. Amuthan has a sound knowledge of business and finance.  He has gained a Master of Business Administration and has become a Chartered Management Accountant.