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Big quarterly loss for Singapore Airlines
Singapore Airlines posted a quarterly net loss of more than SGD1.1 billion (US$800 million).
It’s a bad start to the fiscal year after SIA recorded its first annual loss due to a heavy decline in revenue during the fourth quarter which ended 31 March.
‘Demand for air travel evaporated’ in the three months to June the airline said, with passenger traffic at virtually zero.
Despite increased cargo revenue, group revenue sank 79.3% year-on-year, it said.
Passenger traffic declined across all airline brands SIA, SilkAir and Scoot, leading to an overall drop of 99.5%.
There is not much optimism for a speedy recovery.
"Industry forecasts currently expect that it will take between two and four years for passenger traffic numbers to return to pre-pandemic levels," SIA said in a filing.
SIA has raised about SGD11 billion in new funds to help it struggle through the crisis.
It targets no more than 50% of normal pre-pandemic levels by the end of the year.
"We are reviewing the shape and size of our network over the longer term, given Covid-19 and its impact on our passenger traffic and revenue, SIA added.
The group-wide review is expected to be completed by September.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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