Singapore Airlines, the world’s second-largest carrier by market value, rose as much as 3.2% after reporting its first net income in three quarters, reported Bloomberg.

The airline gained as much as 44 cents to S$14.1, and traded at $14.02 as of 9:04 a.m. in Singapore. Before today, the stock had lost 8.6% this year. The earnings were released after the stock market closed for trading last evening.

SIA’s net income rose 20% in the third quarter after cutting capacity and narrowing fuel-hedging losses.

JPMorgan raised its share-price estimate to $17 from $16. Joe Liew, a Deutsche Bank AG analyst, also upgraded SIA to “buy” from “hold,” saying that the outlook for earnings and return on equity should drive a “rerating” in the stock.

Net income totalled $404 million in the three months through December, compared with $337 million a year earlier.