Singapore Airlines Ltd. said forward sales are healthy across all cabin classes thanks to strong demand for flights to China, Japan and South Korea, after the group posted record annual profit.
Net income totaled S$2.16 billion ($1.62 billion), climbing back from a loss of S$962 million in the year ended March 2022, as people embraced flying again after Covid. Revenue was S$17.78 billion, up from S$7.6 billion the previous year.
“Demand for air travel remains robust in the first quarter,” the airline said in a statement to the stock exchange Tuesday.
Singapore Airlines said Monday it flew 1.75 million passengers in April, up 53% from the same month last year.
Citigroup Inc. last month upgraded Singapore Airlines to “buy” from “sell” and raised its price target to S$6.41 from S$5.16. The carrier’s shares climbed 3.6% in the quarter through March for a gain of 4.2% in the 12-month period.
The shares edged 0.3% higher before the results on Tuesday to S$5.92.
