An Airbus A350-941 from Singapore Airlines is preparing to take off on the runway at Barcelona-El Prat Airport in Barcelona, Spain, on May 1, 2024.
SINGAPORE — Shares of Singapore Airlines dropped after the city-state's flag carrier reported a fall of almost 50% in net profit for its first half April to September period, citing lower yields and growing competition.
Net profit in the first half of the fiscal year came in at 742 million Singapore dollars ($559.12 million), 48.5% lower than the SG$1.44 billion in the same period a year ago.
Singapore Airlines said in a release that the fall in operating profit was due to "increased capacity and stronger competition in key markets," which led to a fall in yields and ultimately, profit.
However, SIA will not "hold back on capacity growth just because there's competition in the market," Lee added.
Persons:
Lee Lik Hsin, Goh Choon Phong, Lee
Organizations:
Airbus, Singapore Airlines, El, SINGAPORE —, Singapore, SIA
Locations:
Barcelona, Spain, SINGAPORE, Singapore