Singapore Airlines saw an increase in passenger and cargo load factors during October, with demand in premium classes increasing.
For the month, SIA’s passenger load factor increased by 3.6 percentage points to 81.1 per cent, while passenger numbers decreased by 9.6 per cent. Capacity was down by 10.3 per cent as the airline cut frequencies and terminated some services, while revenue passenger kilometres were down by six per cent.
“There are encouraging signs that the decline in demand may have bottomed out, with increasing demand seen in the premium classes,” the company said in a statement. “Singapore Airlines will continue to make appropriate adjustments where necessary to better match capacity to forward demand.”
Cargo loads were also higher, with load factor increasing by six percentage points to 65.4 per cent, driven primarily by a 13.1 per cent decline in cargo capacity. Freight carried decreased by 3.1 per cent.
Separately, SIA and Tourism New South Wales have signed a new three year joint marketing agreement. Under the agreement, both parties will contribute $300,000 per year to joint marketing efforts across the SIA network.