Singapore Airlines Navigates Profit Decline Amid Air India's Losses
Singapore Airlines Group's profits plunged by nearly 59% due to Air India's substantial losses and decreased interest income. Despite a 1.5% increase in total revenue, the company's net profit dwindled substantially. The airline faces ongoing challenges amidst fluctuating global economic conditions and geopolitical issues.
- Country:
- India
Singapore Airlines Group reported a significant drop in profits, with a 59% decline attributed to losses incurred by Air India and lower interest income. Despite an increase in revenue, these factors weighed heavily on the company's bottom line.
The airline, which holds a 25.1% stake in Air India, noted that the reduction in net profit was mainly due to decreased interest income. Increased share of associated company losses also impacted financial results, particularly from Air India, which is now accounted for within the Group's financial framework.
Amidst the complexities of the global airline industry, which include geopolitical and economic fluctuations, Singapore Airlines plans to stay agile and proactive in addressing evolving market conditions. The Group remains optimistic about air travel demand moving forward, especially following Vistara's integration into Air India.
(With inputs from agencies.)
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