Singapore Airlines Reports Doubled Net Profit in Q3
Singapore Airlines (SIA) announced a significant surge in its net profit for the third quarter, driven by a one-time gain resulting from the merger of Air India and Vistara.
Previously owning 49% of Vistara, SIA completed the merger last November to create a leading full-service airline in India. Consequently, SIA acquired a 25.1% stake in the Air India group, while Tata Group holds the remaining 74.9%.
The merger resulted in a one-off gain of S$1.10 billion for SIA, positively impacting its financial performance. For the quarter ended December 31, the airline reported a net profit of S$1.63 billion ($1.22 billion), a substantial increase from S$659 million in the same period last year.
This positive financial outcome highlights SIA's strategic move to expand its presence in the Indian aviation market and capitalize on the growing demand for air travel in the region.