Driven by one-time earnings, Singapore Airlines (SIA) net profit in the third quarter increased by 147% year-on-year to 1.626 billion yuan.

Excluding the non-cash accounting income of Vistara and Air India, operating profit increased by 3.3% to RMB 629 million.

After the market closes on Thursday (February 20), Singapore Airlines released its third-quarter results for the 2024/25 fiscal year ended at the end of December 2024. It said in a statement that the group's total revenue increased by 2.7% in the third quarter to RMB 5.219 million, the group's highest quarterly revenue in history, driven by strong air travel demand.

The sharp increase in net profit was mainly driven by 1 billion yuan of non-cash accounting income. The proceeds came from the disposal of assets of Taxin Airlines and Air India merged in November last year. SIA holds a 25.1% stake in the expanded Air India.

Looking at the first nine months of the current fiscal year, the group's total revenue increased by 3.3% year-on-year to 14.716 billion yuan. Operating profit fell 34.1% to 1.425 billion yuan. Net profit rose 12.8% to 2.368 million yuan.

Further reading

SAR net profit fell 59% year-on-year in the second quarter

SAR net profit fell 59% year-on-year in the second quarter

Singapore Airlines: Competition intensifies costs and increases passenger yields may continue to decline

Singapore Airlines: Competition intensifies costs and increases passenger yields may continue to decline

Singapore Airlines also said that looking forward to the next quarter, air travel demand is expected to remain good, but competition in the industry remains fierce. SIA will flexibly adjust its routes and capacity to cope with the normalization trend of yield and capacity, while continuing to optimize its freight network.

Singapore Airlines closed at 6.42 yuan on Thursday, down 0.16%.