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Singapore Airlines staff to get nearly 8 months of bonus after record profit

Singapore Airlines Ltd. staff, including pilots, may get a profit-sharing bonus of 7.94 months, the Straits Times reported, citing an announcement it had seen from chief executive officer Goh Choon Phong.

This compares with the 6.65 months of bonus that most of the airline’s staff received last year, with some getting an extra 1.5 months for their work during the Covid-19 pandemic, the local newspaper reported on Thursday.

SIA, as the airline is known, declined ST’s request for comment.

The airline said on Thursday that near-term demand for flights remains healthy as robust appetite for travel delivered a record full-year profit that even beat estimates despite a marginally weaker fourth quarter.

The city state’s flag carrier also highlighted strength in cargo demand towards the end of the financial year amid a shift to air freight by various shippers due to security concerns in the Red Sea region.

“Cargo demand strengthened towards the end of FY2023/24 on the back of healthy e-commerce demand, resilient and growing segments such as perishables and concerts,” the company said on Wednesday.

The carrier reported annual net profit of S$2.68 billion (US$1.99 billion) for the fiscal ended March 2024, compared with S$2.16 billion a year ago.

It also declared a final dividend of 38 Singapore cents apiece, higher than the 28 Singapore cents a year ago.

Singapore Airlines, however, expects passenger yields – a measure of average fare paid per mile, per passenger – to continue to moderate as airlines expand capacity, especially in the Asia-Pacific region.

“The airline industry continues to face challenges including rising geopolitical tensions, an uncertain macroeconomic climate, supply chain constraints and high inflation in many parts of