Singapore Airlines revenue up 73% to $2.827m in H1

The growth is attributed to the improvement of passenger and cargo segments.

The Singapore Airlines group released its financial performance for the first half of FY 2021 on 11 November.

Group revenue rose $1.193m (+73.0%) year-on-year to $2.827m, attributable to improvements in the passenger and cargo segments. Meanwhile, group expenditure fell -1.5% to $3.446m, mainly due to the absence of the fuel hedging ineffectiveness recorded last year and the swing from fair value loss to gain on fuel derivatives arising from the rise in fuel prices during the first half of the year.

Singapore re-opened its borders and restored its status as an international air hub on 8 September, when it launched the first VTL services from Brunei and Germany. The VTL arrangements have since been expanded to include Australia, Canada, Denmark, Finland, France, Italy, Malaysia, the Netherlands, South Korea, Spain, Sweden, Switzerland, the UK, and the US. Based on current published schedules, the group expects passenger capacity to reach 43% of pre-COVID levels by December 2021.

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