Virus-hit Singapore Airlines Suffers $800 Mln Q1 Loss

Planes from the Singapore Airlines at Changi Airport

Passenger traffic was reduced to nearly zero in the three months to June, SIA said, leading to the Asian carrier's biggest-ever quarterly net loss of Sg$1.12 billion ($816.58 million).

The fall in revenue was attributed to a sharp drop in passenger flown revenue, as well as a plunge in passenger traffic for all three airlines.

The company said Wednesday its group-wide spending fell S$2.01 billion (-51.6 percent) from a year ago to $1.88 billion, which it attributed to lower net fuel costs and non-fuel expenditure. Affiliate SilkAir temporarily ceased operations across the network except for flights to Chongqing and has taken the decision to indefinitely suspend operations to Koh Samui. The group's low-priced carrier Scoot operated to just two destinations during the peak of the pandemic. Net fuel cost fell S$1 billion (-86.8 percent), as capacity cuts and lower fuel prices led to a reduction in fuel cost before hedging of S$1.14 billion (-93.2 percent).

Singapore Airlines scaled back its network to just 14 cities in the quarter, before increasing it to 24 by the end of June.

The Group reported that Singapore Airlines carried out 99.4% fewer passengers than in Q1 2019, while its subsidiaries' SilkAir and Scoot's passenger revenue dropped by 99.8% and 99.9%, respectively. This number was almost 80% lower year-on-year and includes revenues from the group's other carriers: Scoot and SilkAir. Out of a fleet of 213 passenger aircraft, only 32 are being deployed, the airline said. The remainder of the fleet is parked at Singapore Changi Airport and in Alice Springs, Australia.

Ellen DeGeneres address workplace allegations in letter to staff
The criticisms were in stark contrast to the public image of DeGeneres and her show . "I found the whole thing freaky ", he added. Ellen DeGeneres's mantra may be "Be kind to one another", but the talk show host allegedly doesn't practice what she preaches.

The International Air Transport Association (IATA) estimates that airlines operating in the Asia-Pacific region stand to lose a combined $27.8 billion this year. It said it has reached agreement with Airbus on some orders and discussions with Boeing are ongoing.

In the longer term, the group forecasts that overall passenger capacity may reach less than half of its pre-Covid-19 levels by the end of FY 2020/2021. "Industry forecasts now expect that it will take between two to four years for passenger traffic numbers to return to pre-pandemic levels", Singapore Airlines said. It said it has raised a total of S$1.65 billion from secured financing since the start of the current fiscal year. SIA said that it will step up the frequencies of selected routes if demand picks up in the coming months.

In a press release, the group projected capacity levels to increase to 7% of pre-COVID numbers by the end of the second quarter.

Meanwhile, Bloomberg Intelligence aviation analysts James Teo and Chris Muckensturm estimated in a 15 July note that SIA's Q1 net loss as well as "drag" from S$124 million in one-off costs due to the liquidation of its NokScoot joint venture in Thailand.

Related News:

Most liked

Ohio House Speaker faces bribery charges, is removed from position
The unanimous 90-9 vote came with nine members, including Householder, absent, local news outlets reported. Mike DeWine has the authority to call the House into session, which he has said he will do if necessary.

Prince William Just Revealed the Worst Gift He Ever Got His Wife
The family's vacation was revealed when they were spotted by tourists while out on a bike ride on the isle of Tesco on July 30. In June 1989, he visited the islands with his brother, Prince Harry , Prince Charles and the late Princess Diana .

Hurricane Isaias churns through Bahamas as Florida prepares
Isaias was expected to drop from 4 to 8 inches (10 to 20 centimeters) of rain in the Bahamas and the Turks and Caicos Islands. Forecasters say that Staten Islanders could feel the impact of Hurricane Isaias next week.

Umar Akmal's ban reduced to 18 months from 3 years
He subsequently submitted and appeal which was heard at the PCB's National High Performance Centre in Lahore . He had accepted his mistake but tried to justify his position.

One-Time US Republican Presidential Candidate Herman Cain Dies From COVID
Several Trump campaign staffers and Secret Services employees tested positive for COVID-19 before the rally and self-quarantined. He made a decision to drop out of the race following these allegations and denied all claims.

Qualcomm jumps 15% after settling with Huawei and issuing strong earnings guidance
In an investor call, CEO Steven Mollenkopf said his firm inked a new multi-licensing agreement with Huawei. Excluding certain items, profit was 86 cents, compared with Wall Street's average estimate of 70 cents.

'Breaking Bad' star Bryan Cranston says he has recovered from COVID-19
In his post, the actor and director urged people to wear face masks, as the death toll in the United States climbed over 150,000. Reportedly, Bryan sat through an hour-long procedure at UCLA's Blood and Plasma Donation Center. "Be well - Stay well.

Canada's 'COVID Alert' App Using Apple's Exposure Notification API Now Available
The more people who use it, the better it can trace, and therefore slow, the spread of the virus. Once users download the app, all they have to do is select their province to begin.

Magic's Isaac takes lone stand at National Basketball Association restart
All coaches from both clubs also knelt in protest, with some players choosing to lock arms as others raised a fist. However, in June Isaac was asked about the protests following the police-involved death of George Floyd.

Private Division Signs Deal With Moon Studios, League Of Geeks & Roll7
According to Private Division , all three titles now in early development do not have set release dates. Meanwhile, League of Geeks is building a new game and IP with the Take-Two-owned label.

Black Is King: Beyonce's new film is supreme black art
It's a family affair, with musical cousins - both familiar and on the verge - part of the safari ride. Beyonce singing "because you're beautiful", face-to-face with Rowland, could induce tears.

Epstein's ex-girlfriend Ghislaine Maxwell tries late bid to seal testimony
The documents are set to be released publicly today, but Maxwell says she will seek to appeal if the judgement is not overturned. Prince Andrew pictured with Virginia Giuffre (centre) and Ghislaine Maxwell (right).

Brad Pitt scores Emmy nomination for Saturday Night Live appearance
The sketch included Pitt's Fauci's reaction to President Trump saying we would have a vaccine "relatively soon". As the coronavirus pandemic has raged on for the last six months, we've gotten very few nice things.

Board Due To Differences Over Editorial Content
Murdoch declined to comment further on Friday about the reasons for his departure, saying the letter 'speaks for itself'". They have also spoken of particular disappointment about climate change denial in Murdoch-owned Australian outlets.

US Open to be played with no fans in attendance
Augusta National has not yet announced whether it will allow patrons for the Masters, now slated for November 12-15. USGA has said it will seek to work with its partner NBCUniversal to bring the Championships to life for fans.