Singapore Airlines Group would have looked back on a year divided into two parts when it closed its books on March 31. It made $2.1 billion in revenue in the first half of its fiscal year (April-March), and $3.6 billion in the second half.
The group, which includes Singapore Airlines (including Silk Air) and Scoot, recorded total revenue of $5.7 billion for the year. The group nearly doubled revenue to S$3.81 billion in 2020/21 and carried 3.9 million passengers, up from 596,000 the previous year.
By April, capacity had restored to 51% of pre-COVID levels, as measured by available seat kilometres. Scoot, the group's low-cost carrier, has also grown, carrying 502,000 passengers in 2020/21, up from 82,000 in 2020/21.
The group recorded an operating loss of S$610 million ($457 million) for the 2021/22 financial year, a significant improvement from the S$2.51 billion ($1.88 billion) deficit in 2020/21. Singapore Airlines Group achieved a small but welcome profit of S$10 million in the second half of this year.
One source of concern is that, despite the strong second half, load factors only reached 30%, which was much above the 13% of 2020/21.