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Published on Wednesday, May 19, 2021

Singapore Airlines posts record annual loss






Singapore Airlines posted a record annual loss of more than S$4.27 billion ($3.2 billion).


It is the second consecutive annual loss but much worse than last year when only one quarter was impacted by the pandemic.


Annual revenue was down 76.1% and the loss included about S$2 billion of impairments for older planes no longer required.


Passenger traffic was down almost 98%.


The airline said it expects passenger capacity to rise to 28% of pre-pandemic levels by June, which is fueled by strong cargo business allowing it to operate the flights even with few passengers.


Unlike many other airlines, SIA doesn't have a domestic market to fall back on while borders remain closed.


It has been further impacted by another postponement of the start of a Singapore-Hong Kong travel bubble that was scheduled to start next week.


It has been the airline's 'toughest ever year.'


"This crisis is not over. While the growing pace of vaccinations has given us hope, new waves of infections around the world mean that restrictions on international travel largely remain in place," said Singapore Airlines Chairman Peter Seah.


 

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