Singapore Airlines Group’s (SIA) FY2025 results, for the year ended March, have prompted a closer look from analysts. For the full year, the group reported earnings of $2.8 billion, a 3.9% y-o-y increase, driven by a one-off non-cash accounting gain of $1.1 billion from the Air India-Vistara merger.

Revenue grew 2.8% y-o-y to $19.5 billion, driven by resilient air travel demand and cargo uplift.

Accordingly, passenger flown revenue inches 1% up y-o-y to $15.85 billion, while cargo revenue improved 4.4% y-o-y off the back of strong demand for e-commerce and perishables, as well as spillover from disruptions to sea freight.