By Ben Otto


Singapore Airlines Ltd. posted higher profit and record revenue in the latest quarter, driven by robust demand for air travel that it expects to continue into 2023.

The Singapore flag carrier said Tuesday that it posted net profit of 628 million Singapore dollars (US$470.2 million) in the quarter ended December, up from S$557 million in the fiscal second quarter. A year ago, before the relaxation of many pandemic-related border restrictions, it posted profit of S$85 million in the October-December quarter.

Revenue in the latest quarter was a record S$4.85 billion, up from S$4.49 billion a quarter earlier, as the group booked its highest-ever quarterly revenue per available seat kilometer. A year ago, the company posted fiscal third-quarter revenue of S$2.32 billion.

Singapore Airlines said group passenger capacity reached 80% of prepandemic levels in December. It said it expects robust demand for air travel in the fiscal fourth quarter, with group capacity to reach an average of about 77% of pre-Covid-19 levels, helped by recovery in East Asia as travel restrictions ease across China, Hong Kong, Japan and Taiwan.

Demand for air freight, meanwhile, could face headwinds on macroeconomic concerns and "a slowdown in new orders as importers trim inventory levels," it said.


Write to Ben Otto at ben.otto@wsj.com


(END) Dow Jones Newswires

02-21-23 0529ET