SIA posts record full year profits

Singapore Airlines (SIA) has posted a record net profit of $2.7bn for the full financial year, up 24% year-on-year (YoY) from $2.2bn in the previous financial year. Its operating profit was up 1.3% YoY to $2.7bn. The group’s total revenues were up 7% YoY to $19bn, while its total expenditure was down 8% to $16.3bn. Passenger flown revenue rose by 17.3% to $15.7bn, despite a 7.6% decline in passenger yields. It said demand remained strong throughout the financial year and was “boosted by a rebound in North Asia as China, Hong Kong SAR, Japan, and Taiwan fully reopened their borders,”