Singapore Airlines Ltd. (C6U.SI), the flag carrier of Singapore, on Wednesday recorded a decline in net profit for the first-quarter, mainly due to higher expenditure.
However, the Group posted an increase in revenue, supported by higher passenger flown revenue, capacity growth, and strong load factors.
Available seat-km was 42.819 billion, compared with 38.150 billion in 2023. Passenger load factor slipped to 86.9 percent from last year's 88.9 percent.
For the three-month period, the airline reported net income of $452 million, lower than $734 million, registered for the same period of previous year.
Operating profit decreased to $470 million from last year's $755 million. Fuel cost before hedging stood at $1.419 billion as against previous year's $1.154 billion. Net fuel cost was up at $1.370 billion, compared with $1.053 billion in 2023.
Revenue was $4.718 billion, up from $4.479 billion a year ago.
Passenger flown revenue rose by $152 million to $3.828 billion, supported by a 13.8 percent increase in passengers carried, despite a 4.6 percent decline in yields. Revenue passenger-km moved up to 37.220 billion from previous year's 33.932 billion.
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