SINGAPORE AIRLINES REVENUE
Air India losses narrow, but Singapore Airlines’ profit falls 44% as fuel costs rise
In its latest financial report, Singapore Airlines announced a net profit of S$134 million for the first half, down from S$239 million in the same period last year. The airline faced a more than 20% rise in expenses, driven by higher jet fuel prices that reached US$171 per barrel, marking an 86.7% increase. Nevertheless, revenue saw a boost of 16.8% to S$11.
Emomee calls for stronger regulation of children’s digital content
Emomee, a children's entertainment company, emphasises the need for better regulation of digital content for young viewers. The company's founders, motivated by their children's viewing experiences, focus on creating quality educational programming. Recently, Emomee launched a series on Netflix and is exploring global partnerships for distribution. They are also developing physical products and considering live events to engage audiences.
Air India CEO targets lower costs, higher passenger yields to steer airline towards profitability
Air India CEO Tewolde Gebremariam said the airline is working to reduce operating costs and improve passenger yields as it pursues a financial turnaround. The plan includes bringing unit costs in line with industry levels, restructuring its Delhi network, expanding international flights from Mumbai and exploring Bengaluru as a third hub.
GST refund allowed for cancelled air tickets
A ruling from the GST Appellate Tribunal states that cancelled airline ticket refunds can be claimed. Singapore Airlines had submitted a total of eight GST refund claims for the period from October 2019 to March 2021. The airline returned fares and GST to passengers due to COVID-19 cancellations, but faced issues with tax credits.
GST tribunal says airlines can claim tax refund if fare, GST returned to passengers
GST Appellate Tribunal ruled that GST paid on cancelled airline tickets is refundable if conditions are met. Singapore Airlines successfully claimed refunds amounting to Rs 45,92,528 for flights cancelled due to COVID-19. The Tribunal highlighted that sufficient evidence was provided to demonstrate that tax incidence was not passed on to passengers. Taxpayers need to maintain robust documentation to satisfy requirements for refunds to be processed.
Air India tightens spending controls as it battles losses and high fuel costs
Air India is forming a dedicated team to identify cost-saving opportunities in operations while facing significant challenges. The airline is under pressure to restore profitability after recording substantial losses in the past fiscal year. Fresh equity funding is being sought from Tata Sons and Singapore Airlines to stabilize finances. Operational disruptions from regional conflicts and a lack of certifications have complicated recovery efforts.
Nomura sees IndiGo emerging stronger from fuel shock; initiates Buy with Rs 6,000 target
Nomura initiated coverage on InterGlobe Aviation with a Buy rating and a Rs 6,000 target price, implying around 20% upside from the September 30 close. It believes IndiGo’s low-cost model, large aircraft order book and expanding international network could strengthen its competitive edge despite elevated fuel prices.
Air India's ₹10,000 crore fundraise plan draws cashflow concerns
Air India is currently looking to secure ₹10,000 crore in fresh loans for various operational needs. Some lenders are hesitant to provide credit due to uncertain cash flow visibility and risks. The Tata Group-backed airline reported a significant increase in losses over the past financial year, including foreign-exchange losses. Despite this, state-owned banks are willing to renew existing credit lines due to a good credit rating.
Adani Airports aims to cut regulated revenue to single digits through non-aero, city-side businesses
Adani Group plans to reduce regulatory charges at airports by enhancing non-aeronautical revenues and city-side developments. The Navi Mumbai International Airport is designed to serve as a global hub for international air traffic. The company aims to minimize regulatory costs to create a more competitive travel environment. Terminal 1 of Mumbai International Airport will be demolished, redistributing traffic to Terminal 2 and Navi Mumbai.
Adani Airports raises ₹9,825 crore from four investors at $18 billion valuation
Adani Airport Holdings is raising ₹9,825 crore ($1 billion) from Alpha Wave Global, Premji Invest, Temasek and BlackRock at an $18 billion valuation. The money will fund airport expansion, modernisation and airport-city businesses.
Temasek backs Singapore Airlines to fly long haul with Air India
Temasek has shown its support for Singapore Airlines' investment in Air India amidst rising concerns regarding the Indian carrier's financial downturn. Following its first quarterly loss since 2022, Singapore Airlines is looking for substantial new equity from its stakeholders. Temasek perceives this investment as part of a broader long-term strategic vision.
Will consider Air India's biz strategy, other factors before deciding on additional fund requests: Singapore Airlines
Singapore Airlines will carefully consider Air India's capital requests. The airline group evaluates investments considering its own capital needs. A Singapore Parliamentarian raised concerns about further funding for Air India. Air India seeks USD 1.5 billion from its co-owners for transformation. The airline's transformation journey is expected to take up to a decade.
Air India’s $1.5 billion funding ask sparks backlash in Singapore parliament
A Singapore politician questions the logic of Singapore Airlines supporting Air India. He opposes using Temasek funds for Air India's turnaround efforts. The politician seeks parliamentary answers on Air India's financial assessment. He stated that Singaporeans do not owe Air India any support. Singapore Airlines should fund its Air India investment independently.
Air India seeks $1.5 billion from owners Tata Sons, Singapore Air as losses mount, sources say
Air India is seeking around $1.5 billion in fresh equity from owners Tata Sons and Singapore Airlines to fund its turnaround, according to two people familiar with the matter. The funding could be provided in tranches, with Singapore Airlines expected to contribute according to its roughly 25% stake. Discussions are ongoing and no final decision has been taken.
Singapore Airlines September quarter profit slumps on Air India losses, lower interest income
The leading carrier, which owns a 25.1 per cent stake in loss-making Air India, had a net profit of 290 million Singapore dollars (SGD) in the 2024 September quarter.
Singapore Airlines Sept Qtr Results: Profit slumps 82% to SGD 52 million on Air India losses, lower interest income
Singapore Airlines Group on Thursday reported an 82 per cent fall in net profit to 52 million Singapore dollars in the September quarter as Air India losses and lower interest income hurt the bottom line.
Air India losses drag Singapore Airlines' first-quarter profit
Singapore Airlines witnessed a significant drop in its first-quarter net profit. The airline reported a 58.8% fall. Losses from associated companies, notably Air India, impacted the earnings. Air India's results were incorporated after Vistara's integration. Revenue saw a slight increase. The net profit was S$186 million, lower than the previous year. This also missed analyst expectations.
TCS says Singapore Air extends contract
TCS on Thursday said that Singapore Airlines has extended its contract with TCS by three years. Under the agreement, TCS will provide integrated IT services to support processes and applications across the airline.
Singapore Air profit drops 36%
Singapore Airlines, the world's largest airline by market value, on Thursday reported a better-than-expected 36 percent fall in quarterly profit and warned of weakness in its advance passenger bookings.
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