$SINGAPORE AIRLINES LTD(C6L.SI)$ recently released Financial Results for Third Quarter Ended 31 December 2022 (3QFY23).
3QFY23 performance was remarkable, setting new records in operational metrics and financial performance, surpassing analysts estimates significantly. Here are key takeaways taken from their latest financial results presentation slides.
Key Takeaways Q3 FY22/23
SIA achieved a record 9MFY23 net profit of S$1,555m on highest ever quarterly operating profit of S$755m in 3QFY23 and highest ever nine-month operating profit of S$1,989m in 9MFY23. 3QFY23 revenue of S$4,846m (+8.0% q-o-q and +109.3% y-o-y) was also a record quarterly revenue for the Group, driven by record quarterly group passenger load factor of 87.4%.
Passenger revenue rose $463 million on the back of record quarterly PLF and RASK.
Net profit of $628 million, an increase of $71 million from previous quarter. Better operating performance, net interest income versus net finance charges in previous quarter (+$71 million), partially offset by a higher tax expense (-$90 million) . Strong momentum in forward passenger sales for the fourth quarter.
Passenger traffic growth (+12.2% q-o-q) outpaced the expansion in capacity (+11.1% q-o-q) during the quarter, resulting in record passenger load factors at both SIA and Scoot of 87.3% and 87.8% respectively and higher passenger yields at both SIA (+2.3% q-o-q) and Scoot (+6.3% q-o-q).
Weaker global demand and increased capacity weigh on the air freight segment. SIA's cargo segment saw a slight decline in cargo volumes (-0.5% q-o-q, -18.1% y-o-y) while cargo yields softened (-14.6% q-o-q, -21.0% y-o-y) but still remained at almost twice of pre-pandemic levels. Cargo yields should continue to come off on softer demand and higher bellyhold capacity.
Source : https://www.singaporeair.com/en_UK/sg/about-us/information-for-investors/financial-results/
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