Singapore Airlines reports $817 mln loss in Q1 due to pandemic
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SUNDAY, FEBRUARY 05, 2023
Singapore Airlines reports $817 mln loss in Q1 due to pandemic

Global Economy

Reuters
29 July, 2020, 03:40 pm
Last modified: 29 July, 2020, 03:40 pm

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Singapore Airlines reports $817 mln loss in Q1 due to pandemic

The net loss compared with a S$111 million profit in the three months ending June 30 the prior year

Reuters
29 July, 2020, 03:40 pm
Last modified: 29 July, 2020, 03:40 pm
FILE PHOTO: Singapore Airlines planes are pictured on the tarmac at Changi Airport, Singapore March 28, 2018. REUTERS/Edgar Su/File Photo
FILE PHOTO: Singapore Airlines planes are pictured on the tarmac at Changi Airport, Singapore March 28, 2018. REUTERS/Edgar Su/File Photo

Singapore Airlines Ltd on Wednesday reported a S$1.123 billion ($816.73 million) first-quarter net loss after drastically cutting capacity due to the decline in demand and travel restrictions associated with the coronavirus pandemic.

The net loss compared with a S$111 million profit in the three months ending June 30 the prior year. Revenue plunged 79.3 percent to S$851 million during the quarter, the airline said in a statement.

Singapore Airlines this month had warned it would report a material operating loss in the first quarter, including fuel hedge losses from sinking oil prices.

($1 = 1.3750 Singapore dollars) 

Singapore Airlines / Economic Effect of Covid-19

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