Singapore Airlines Becomes First Asian Carrier To Report Post-COVID Quarterly Profit

As cases of COVID-19 continue to decline, business sectors across the world are slowly reviving. Recently, Singapore Airlines (SIA), co-owner of Gurgaon-based Vistara Airline, revealed that the company, for the first time since the outbreak of the COVID pandemic, has recorded a net profit of SGD 85 million (USD 62.8 million) for the third fiscal quarter that ended in December 2021. The airline's company attributed this significant growth to an increase in foreign travelers as Singapore has lifted air travel restrictions and allowed foreign travelers via the VTL (Vaccinated Travel Lane) program. The carrier asserted that record cargo revenues were driven by "robust demand and tight capacity, which supported loads and yields." This was a major factor that contributed to this growth. The airline's company continued its network and grew the number of destinations, which resulted in high growth. The restoration of air services to 12 cities in India, including VTL services from Chennai, Delhi, and Mumbai, as well as the resumption of flights to several points in Southeast Asia, played a major role in the company's profit. It is worth mentioning here that Singapore's VTL scheme allows vaccinated people from only selected countries, including India, the US, the United Kingdom, and some European and Asian countries. Allowing quarantine-free entry into the country has also contributed to the growth factor. Visitors, however, are required to show a negative COVID test report before entering the country as Singapore's VTL is unilateral, which means foreign visitors will still have to adhere to their countries' COVID protocols while returning home.