Singapore Airlines Stock Corrects After 5 Consecutive Days of Gains
Singapore Airlines stock corrected 2% in Tuesday’s trading after 5 consecutive days of gains. The stock has surged 10% in the past 5 days.
Strong demand and a continued recovery in the global aviation industry led Singapore Airlines’ (SIA) net profit to soar to S$1.2 billion for the second half ended March, reversing a loss of S$125.2 million in the corresponding year-ago period.
The group’s H2 earnings were up 32.7 per cent, or S$303 million higher, compared with the first half ended September 2022.
The stronger second-half bottom-line results helped the group post its highest full-year net profit in its 76-year history to S$2.2 billion for FY2022/23, versus a net loss of S$962 million in FY2021/22, the company said in a bourse filing on Tuesday (May 16).
SIA’s board has recommended a final dividend of S$0.28 per share. Including the interim dividend of S$0.10 per share, the total dividend payout for the fiscal year stands at S$0.38 per share.
Singapore Airlines Ltd. will pay staff a bonus of around eight months’ salary after posting a record annual profit.
Eligible staff will be paid a profit-sharing bonus equivalent to 6.65 months’ pay, and a maximum of 1.5 months’ salary of ex-gratia bonus in recognition of their hard work and sacrifices during the pandemic, a spokesperson for the airline said. Senior management won’t receive that additional ex-gratia bonus.
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