Singapore Airlines cuts capital spending by 12% amid virus crisis

Singapore Airlines planes parked on the tarmac at Changi International Airport in Singapore. Singapore Airlines announced on March 23 that it was cutting 96% of its capacity till the end of April due to the Covid-19 (coronavirus) outbreak. - AFP

SYDNEY: Singapore Airlines Ltd will cut capital spending this financial year by at least 12% from its previous plan, with the final reduction to be determined by talks with planemakers over delivery delays, its chief financial officer said on Friday.

The new forecast of S$5.3 billion or less by the end of the year ending March 31,2021, compares with a S$6 billion figure outlined in November before the coronavirus pandemic destroyed demand and led the airline to ground most of its fleet.