Singapore Airlines (SIA) has reported a record cargo revenue of $1.35 billion for the 3QFY2021/2022.
In its update on its cargo business on March 15, the group says this is the first time its revenue for its cargo business has surpassed the $1 billion mark.
During the 3QFY2021/2022, the airlines also reported revenue of $832.8 million for its pax flown segment, and revenue of $132.2 million for its engineering services, other pax and others segment.
In that quarter, the airlines saw cargo yields increase 26.9% y-o-y to 81.5 cents per load tonne-kilometres (LTK).
In its outlook statement, the airline is less buoyant on its figures for the 4QFY2021/2022, saying that it expects overall air cargo demand to ease on the back of the record peak period in the 3QFY2021/2022.
This is in line with seasonal fluctuations, and the traditional slowdown in exports during the Lunar New Year holiday period, says the airline.
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Nonetheless, both air and sea freight capacities are expected to remain tight during the quarter, supporting loads and yields, it adds.
In its business update, SIA revealed that it has ordered seven A350F freighters to replace its existing fleet of seven Boeing 747-400F. Deliveries will begin in the four quarter of 2025. According to the airline, the new fleet will reduce its carbon emissions by 400,000 tonnes annually as the A350F burns up to 40% less fuel on similar missions.
As at March 1, SIA flies to 97 destinations on its cargo route network. It has a 36:64 freighter and bellyhold split as at the date, compared to the 21:79 split in the FY2019/2020, pre-Covid-19.
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Shares in SIA closed at $5.03 on March 14.
Photo: SIA
