Net profit for the three months to June 30 dived 38.4% to $452m, from $734m a year earlier.
Net profit for the three months to June 30 dived 38.4 per cent to $452 million, from $734 million a year earlier.
In addition to the weaker operating performance, the bottom line was also weighed down by a reduction in net interest income, a lower surplus on disposal of aircraft, spares and spare engines, and a lower share of profits of associated companies. But this decline was partially mitigated by a fall in tax expense.
Passenger flown revenue rose by 4.1 per cent in the quarter, supported by a 13.8 per cent increase in passengers carried, despite a 4.6 per cent decline in yields. Passenger traffic rose 9.7 per cent year on year against a 12.2 per cent growth in capacity, resulting in a drop of two percentage points in the group passenger load factor to 86.9 per cent.
The company said the airline industry continues to contend with heightened competition, supply chain constraints, inflationary cost pressures and geopolitical uncertainties. Nevertheless, travel demand is expected to stay healthy in the coming months, though passenger yields are forecast to stay below the previous year’s levels as more capacity enters the market, particularly in the Asia-Pacific region.
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