Airlines The aviation industry as a whole, and not just Singapore (SIA), has priced airfares high as air travel continues to recover from the Covid-19 pandemic, said the national carrier's chief executive Goh Choon Phong.
Asked whether prices for flight tickets have peaked, he pointed to softening passenger yields a proxy for airfares - as rival airlines have added more capacity.
He said SIA does not set its prices in isolation. Instead, it looks at what competitors offering similar products are doing comparing similar non-stop flights, for instance - and ensures that the price disparity is not too big.
"We have always said that pricing is a function of demand and supply, and it is, even during this whole Covid-19 period... Going forward, it's the same," he told the media on Wednesday during a wide-ranging interview after his company posted record earnings for the first half of its financial year from April to September.
For the first half of financial year 2023/24, SIA Group's passenger yield was 10.8 cents per passenger-km, down from 11.8 cents for the whole of financial year 2022/23 and 13.6 cents for FY21/22. Passenger yield is a measure representing the average fare paid by a passenger for each kilometre flown.
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