Singapore: Singapore Airlines (SIA) reported Thursday a net loss of 212 million Singapore dollars (USD 149.30 million). This is Singapore Airlines’ first annual net loss in its 48-year history. It happened after the coronavirus pandemic crippled air travel globally. In a filing to the Singapore Exchange, the SIA Group reported the loss. It is for the 12 months ending March 31. In the corresponding period a year back, SIA had reported a profit of 683 million Singapore dollars.
Net loss for January to March alone was 732 million Singapore dollars (USD 515.50 million), compared with 203 million Singapore dollars (USD 136.24 million) net profit in the same period last year.
Operating profit for the year was down 94.5 per cent at 59 million Singapore dollars (USD 41.55 million), from one billion Singapore dollars (USD 704.23 million) the previous year.
SIA, a Tata group partner in the Vistara joint venture airline, said that it had entered the fourth quarter on the back of a strong performance in its first nine months, after robust passenger traffic and extensive initiatives undertaken as part of its transformation programme.
Then COVID-19 hit, and fears about the spread of the virus brought global travel to a standstill.
The steep drop in passenger traffic in the fourth quarter resulted in 894 million Singapore dollar (USD 629.58 million) plunge in revenue, 22 per cent down from the same period last year.
Agencies