Singapore Airlines Ltd warned passenger capacity may remain at less than half of pre-pandemic levels by its March 2021 year-end after slumping to a S$1.12 billion ($817 million) first-quarter net loss due to a sharp decline in demand.
Singapore Airlines had already this month warned it would report a material operating loss in the first quarter, including fuel hedge losses from sinking oil prices that reached S$464 million.
The number of passengers carried dropped 99.6% in the first quarter from a year earlier, with the airline filling just 10.2% of the seats on offer, though cargo held up better due to high freight demand. Singapore Airlines plans to operate around 7% of its normal passenger capacity in August and September. The airline has no domestic network and is wholly dependent on international demand at a time when many borders remain effectively closed.
Since the start of the financial year, the airline has increased liquidity by S$11 billion through a rights issue of new stock and secured financing facilities. Its shares closed down 1% at S$3.53 before the results announcement, having hit a low of S$3.52, their lowest since 1998.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hasbro Posts Quarterly Loss as Pandemic Hits eOneThe toy maker fell short of earnings and revenue forecasts as it recorded one-time acquisition related expenses after its takeover of Entertainment One.
Read more »
Coronavirus Cost Global Tourism $320 Billion In Just Five MonthsFew industries have been hit as hard by the pandemic as tourism.
Read more »
Thai tourist arrivals slump 66% year-on-year in January-June amid pandemicThailand recorded no foreign tourist arrivals and spending for a third straight month in June, as borders remained closed amid the pandemic, with a 66% year-on-year drop in the January-June period to 6.69 million visitors, tourism ministry data showed.
Read more »
Pandemic Pushes Imax to $26 Million Second-Quarter LossCiting the impact of the COVID-19 pandemic, giant screen producer-exhibitor Imax has reported a $26 million second-quarter loss, or 44 cents a share, on revenues of $8.9 million. During the 2019 qu…
Read more »
Imax Takes Pandemic Hit With Steep Second Quarter LossThe giant screen exhibitor says it's looking beyond tentpole release delays and an uncertain China reopening to making the most of the global release window into 2021 and beyond.
Read more »
Spotify Hits 299 Million Active Users in Q2, Net Loss Balloons on Stock-Related CostsSpotify’s subscriber growth came in at the top end of expectations, but the company’s bottom line was hit by a 48% increase in operating costs related to stock-related compensation char…
Read more »