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Singapore Airlines posts first ever full-year loss
The Covid-19 pandemic has resulted in red ink on Singapore Airlines’ full-year balance sheet for the first time.
It posted the first full-year loss in its 48-year history.
It suffered a loss of S$212 million in the year ending March as the pandemic took a heavy toll.
SIA says nearly all of the loss came in the last quarter due to the grounding of planes caused by Covid-19 travel restrictions.
It is a big reversal from last year when it made a S$683 million net profit.
SIA’s share price is now at a 30-year low.
The year had been promising for the first three quarters until the end of 2019, with ‘robust passenger traffic numbers and the extensive initiatives undertaken as part of its transformation programme,’ the airline said.
The company also lost out due to its fuel hedging policy as global oil prices slumped as Covid-19 took hold.
SIA said it is undertaking an ‘in-depth review’ of all operations so it is in a better position to meet the challenges when the recovery begins.
"Even as we scaled back operations due to the border closures, the group persisted with services to key cities for as long as possible to bring many of our customers home, including Singaporean students who were studying overseas," it said.
"We are also seeking to retain our talented and highly trained staff through this crisis."
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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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