SINGAPORE: Singapore Airlines Ltd posted on Thursday its first profitable quarter since December 2019, underpinned by a strong cargo market and an improvement in passenger numbers as the city-state eased some of its pandemic-led border restrictions.
Last September, Singapore started quarantine-free travel from select countries, a list that has expanded over time to include major markets such as the United States, Britain and neighbouring Malaysia.
The carrier, however, said the overall air cargo demand is expected to ease in the fourth quarter in tandem with "seasonal fluctuations, and the traditional slowdown in exports during holiday period."
The airline said it will "continue to keep a tight rein on costs, while supporting the expansion of operations in line with demand" as the upsurge in fuel prices continues and volatility is expected to persist in the months ahead.
Australia, a major market for the Singaporean carrier, reopened to fully vaccinated travellers from all countries on Monday.
The airline reported a net profit of S$85 million ($62.90 million) for the three months ended Dec 31, versus a loss of S$142 million in the year-ago period that was boosted by a tax credit.
Revenue rose to S$2.32 billion from S$1.07 billion in the prior year.