Wednesday, May 17, 2023

Air India-Vistara Merger To Put Singapore Airlines On Forefront In Indian Aviation Industry

Singapore Airlines Group on Tuesday reported its highest-ever net profit and outlined various strategic initiatives, including the proposed merger of Vistara with Air India to boost the Singaporean carrier's presence in the Indian market. Vistara is a joint venture between Singapore Airlines and Tata Group, which holds 51 per cent stake. The process to merge Vistara with Air India is underway. On Tuesday, Singapore Airlines (SIA) Group posted a record net profit of 2,157 million Singapore Dollars for FY2022-23. In the year-ago period, it had a net loss of SGD 962 million.

"This was mainly driven by better operating performance (+SGD 3,302 million) and lower net finance charges (+SGD 338 million), and partially offset by a tax expense versus a tax credit last year (around SGD 615 million)," the airline group said in a release.

Despite the Covid pandemic, the group said it remained committed to its longstanding strategy of buying and operating new-generation aircraft. Among other efforts, the group did the retrofit of its Airbus A380 and Boeing 737-8 aircraft and placed an order for the all-new Airbus A350F freighters.

17/05/2023 PTI/ZeeNews

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