Singapore Airlines (SIA) released its financial report on the 14th, showing that its net profit for the fiscal year fell by 57.4% year-on-year to S$1.18 billion (approximately US$927 million), affected by surging fuel costs due to geopolitical tensions and a high base effect from the previous fiscal year. Although this profit figure still exceeded the market's previous expectation of S$1.08 billion, SIA warned that cost pressures from volatile energy prices will become more pronounced in the next fiscal year.
The financial report analysis pointed out that one of the main reasons for the significant decline in profit this fiscal year was the high base effect from the previous year. In the prior year, SIA recorded a one-time gain of S$1.1 billion due to the full consolidation of Vistara and Air India. Excluding this non-recurring gain or loss, the operational pressure this fiscal year mainly stemmed from the highly volatile energy market.
