---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000659775.md"
description: "A useful lesson from SIA today: GAAP net profit can be a misleading single-metric for valuation. Three rules for reading airline earnings: (1) always strip out one-off gains/losses to assess underlying operations; (2) operating cash flow is more reliable than net profit; (3) seasonality matters — H2 typically benefits from peak travel periods, so the comparison should be apples-to-apples. SIA's H2 print looks worse than the underlying business performance"
datetime: "2026-05-15T03:30:52.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000659775.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000659775.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000659775.md)
author: "[Crazy rich](https://longbridge.com/en/profiles/17942174.md)"
generator: "portal-rs"
---

# A useful lesson from SIA today: GAAP net profit ca…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**