Singapore Airlines (SIA) reported a loss of S$962mn for the financial year ending 2022, as compared to a loss of S$4.27bn in the previous year. Its revenues doubled to S$7.62bn over the course of the year. An ease of travel restrictions helped boost passenger traffic to 3.9mn, up “six-fold from a year before”. SIA ramped up passenger capacity (in available seat-kilometers) growing from 24% of pre-Covid levels in April 2021 to 51% ending March 2022. It called the launch and expansion of the Vaccinated Travel Lane (VTL) scheme as “the game changer”. SIA’s ‘passenger flown revenue’ grew by S$2.1bn, up 310% YoY. A 116% rise in its net fuel cost to S$2.19bn, mainly due to higher fuel prices and an increase in volume uplifted, was partially offset by a swing from a fuel hedging loss to a gain.

SIA’s dollar bonds were trading weaker with its 3.375% 2029s down 0.2 points to 91.54, yielding 4.9%

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