Singapore Airlines Group (SIA) says it expects to see a “calibrated expansion” of its passenger network as demand for air travel is likely to see “measured recovery” in the 2H2021 amid the rolling out of Covid-19 vaccines around the world.

Based on current schedules, the group says its passenger capacity is expected to be around 26% of pre-Covid-19 levels by May 2021.

SIA will reinstate scheduled passenger services to Haneda Airport in Tokyo in March, and will offer parallel services to Taipei alongside Scoot from April.

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SilkAir will re-introduce its services to Cebu in March.

The outlook comes as the group reported its monthly operating results for February on March 15.

In a regulatory filing, the SIA Group reported a decline of 59.4 percentage points in passenger load factor (PLF) to 9.7% due to lower PLF contributions across all airlines.

SIA’s flagship carrier Singapore Airlines saw PLF drop to 9.8%, 57.6 percentage points lower y-o-y. Passenger carriage was down 95.9% y-o-y against a 72.2% dip in capacity y-o-y.

SilkAir’s passenger carriage dropped 97.3% y-o-y against a 94.9% y-o-y cut in capacity, leading to a 28.4 percentage point drop in PLF to 32.2%. In February, SilkAir added Phuket to its list of destinations served.

Scoot’s passenger carriage fell 98.8% y-o-y against 84.9% y-o-y lower capacity, resulting in a PLF of 6.0, 73.4 percentage points lower y-o-y.

On the other hand, SIA Cargo registered a record monthly cargo load factor (CLF) of 94.5%, 35.9 percentage points higher y-o-y as cargo traffic fell 27.1% y-o-y due to capacity contraction of 54.8%.

Shares in SIA closed 33 cents higher or 6.2% up at $5.63 on March 15.