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Published on Sunday, November 8, 2020

Singapore Airlines posts record first half loss



Singapore Airlines posted a record first half loss as it continues to be heavily impacted by the Covid-19 pandemic.


It recorded a $$3.47 billion loss for the six months to September, after the net loss in the second quarter doubled that of the first quarter.


It cited impairment charges for older aircraft and retrenchment costs after it slashed 2,000 jobs.





It said revenue was down 80.4% at S$1.63 billion for the first half, compared to S$8.3 billion in 2019.


SIA said there will be no interim dividend 'in view of the significant loss incurred and the need to conserve cash.'


It is reviewing its fleet and will retire at least 26 planes.


These include at least seven Airbus A380s and all of its Boeing 777-300s.


These are 'deemed surplus to fleet requirements' with global air travel some way off a full recovery, especially for long haul travel.


 


Written by Ray Montgomery, Asia Editor

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