Singapore Airlines reports US$817m loss in 1Q due to pandemic


  • Aviation
  • Wednesday, 29 Jul 2020

Singapore Airlines Ltd on Wednesday reported a S$1.123 billion ($816.73 million) first-quarter net loss.

SYDNEY: 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 Covid-19 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% 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). - Reuters

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Singapore Airlines , pandemic , losses

   

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