(Reuters) – Singapore Airlines’ on Thursday reported its net profit more than doubled in the third quarter, helped by a one-time gain from the Air India-Vistara merger. The airline, which owned about 49% of Indian carrier Vistara, completed a merger of Air India and Vistara last November, in a bid to create a dominant full-service […]
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Singapore Airlines’ third-quarter profit more than doubles
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(Reuters) – Singapore Airlines’ on Thursday reported its net profit more than doubled in the third quarter, helped by a one-time gain from the Air India-Vistara merger.
The airline, which owned about 49% of Indian carrier Vistara, completed a merger of Air India and Vistara last November, in a bid to create a dominant full-service airline for the domestic and international markets.
The deal granted Singapore Airlines (SIA) a 25.1% stake in the Air India group, while autos-to-steel conglomerate Tata holds 74.9% of the combined entity.
SIA gained from a one-off S$1.10 billion gain from the merger of the two Indian carriers, boosting its bottom line, it said in a statement.
The city-state’s flag carrier posted a net profit of S$1.63 billion ($1.22 billion) for the three months ended December 31, compared with S$659 million a year ago.
($1 = 1.3386 Singapore dollars)
(Reporting by Rajasik Mukherjee and Shivangi Lahiri in Bengaluru; Editing by Alan Barona and Sonia Cheema)