United Kingdom
United States
Asia Pacific
Singapore Airlines posts record annual loss
Singapore Airlines posted a record annual loss of more than S$4.27 billion ($3.2 billion).
It is the second consecutive annual loss but much worse than last year when only one quarter was impacted by the pandemic.
Annual revenue was down 76.1% and the loss included about S$2 billion of impairments for older planes no longer required.
Passenger traffic was down almost 98%.
The airline said it expects passenger capacity to rise to 28% of pre-pandemic levels by June, which is fueled by strong cargo business allowing it to operate the flights even with few passengers.
Unlike many other airlines, SIA doesn’t have a domestic market to fall back on while borders remain closed.
It has been further impacted by another postponement of the start of a Singapore-Hong Kong travel bubble that was scheduled to start next week.
It has been the airline’s ‘toughest ever year.’
"This crisis is not over. While the growing pace of vaccinations has given us hope, new waves of infections around the world mean that restrictions on international travel largely remain in place," said Singapore Airlines Chairman Peter Seah.
Related News Stories:
TravelMole Editorial Team
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.
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Protestors now targeting Amsterdam cruise calls
Unexpected wave rocks cruise ship