SINGAPORE (Nov 11): Under CEO Goh Choon Phong, Singapore Airlines has embarked on — and is nearing the end of — a three-year digital transformation journey that has left “no stone unturned”. There are some promising ventures on the horizon, but as the company’s most recent results have shown, its core business is still the main revenue earner.
On Nov 5, the airline reported that earnings for 2Q ended Sept 30 surged 70% y-o-y to $94.5 million on the back of a 5.3% y-o-y growth in revenue to $768.5 million. SIA plans to pay an interim dividend of eight cents a share, the same as in the preceding period. The growth in revenue and earnings was largely driven by the better performance of its associates and joint ventures.
During the quarter, revenue from passengers drove revenue growth, with load factor improving a record 1% in 1HFY2020 and 0.7% in 2QFY2019/20. Load factor at subsidiaries SilkAir and Scoot improved as well, up 2.8% and 0.3% y-o-y respectively.