Singapore Airlines: Intensified competition and rising fuel costs will put pressure on profits
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Civil Aviation Resources Network, August 02, 2024: According to Reuters, Singapore Airlines said on Wednesday that a key revenue indicator of the airline will continue to face pressure this year as increased competition has led to lower average fares, while rising fuel costs have led to lower group profits.
After the epidemic, global airlines have increased the number of flights and routes to meet strong demand for air travel, especially in the summer. This has led to increased competition, airfares have been hit, fuel costs have risen, and airlines' profit margins have been squeezed.
The airline said: "The global aviation industry continues to face challenges such as increased competition, supply chain constraints, inflationary pressures on operating costs such as airports and service providers, and geopolitical uncertainties."
The company also added: "Passenger yields are expected to be lower than last year's level as more capacity enters the market, especially in the Asia-Pacific region."