SIA net profit 4.9% up end of 2023, passenger yields under pressure

Singapore Airlines (SIA) has reported a $659 million net profit for the 2023/2024 fiscal third quarter, ending December 31, 2023. It marks a 4.9% increase from the same period a year prior, when operating profit was down 19.3% to $609 million. Total revenue was up 4.9% to $5.08bn. The demand for air travel for the period was robust and its profit was boosted by a rebound in North Asia with countries such as China and Taiwan fully reopening post-pandemic. SIA and subsidiary Scoot carried 9.5 million passengers, up 29.4% year-on-year (YoY). Passenger traffic grew 19.1%, outpacing the capacity expansion of