Despite intensifying competition putting a squeeze on its profitability, Singapore Airlines (SIA) intends to continue expanding its flight capacity, with chief executive Goh Choon Phong expressing optimism about growth opportunities in India and South-east Asia.
As rival airlines mounted more flights during the quarter ended Sept 30, the national carrier said it earned less for each passenger flown. This is because the injection of flight capacity outweighed the growth in traffic.
SIA Group's net profit for the period between July and September plunged 59 per cent to $290 million, compared with $707 million a year ago. Apart from tapering revenue, the airline group's costs also rose by 14.7 per cent over the period, with non-fuel expenses going up by 16.6 per cent on the back of inflationary pressures.
At a financial results briefing on Nov 11, SIA chief commercial officer Lee Lik Hsin said SIA's passenger yields - a proxy for airfares - have declined across the board.
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