Singapore Airlines Ltd (SIA) reported a record first-quarter net profit on Thursday, nearly doubling, boosted by strong demand for overseas travel following the removal of pandemic-related curbs across the world.

Airlines worldwide are improving flight frequencies and adding new destinations to take full advantage of the travel rebound.

"The group is well positioned in this operating environment even as competition is expected to intensify in the coming months as more capacity is injected into international routes," the company said.

The city-state carrier added that it will monitor these trends closely, and adjust its capacity and network accordingly.

The airline reported a net profit was S$734 million ($554.84 million) for the three months ended June 30, compared with S$370 million a year earlier.

Revenue for the quarter rose 14% to S$4.48 billion. ($1 = 1.3229 Singapore dollars) (Reporting by Himanshi Akhand and Archishma Iyer in Bengaluru; Editing by Shinjini Ganguli)