Singapore
Singapore Airlines Ltd has posted a S$142 million ($106.36 million) net loss in the third quarter as passenger numbers plunged by 97.6% due to the pandemic, though its cargo business held up better given a tight freight market.
The loss compared with the prior year’s S$315 million profit in the quarter ended Dec. 31. Revenue fell 76.1% to S$1.07 billion. The bottom line loss was slimmer than its S$331 million operating loss due to a tax credit. Broker UOB Kay Hian had expected it to report a core loss of around S$470 million for the quarter, excluding any impairment charges, while UBS had forecast a net loss of S$330 million.
Singapore Airlines operated around 19% of its pre-pandemic passenger capacity in December and said it expected to reach around 25% of normal levels by the end of April as it adds flights to its schedule despite the spread of more transmissible variants of the coronavirus.
“In line with Singapore’s progressive re-opening, the group expects to see a measured expansion of the passenger network over the coming months,” the airline said in a statement. “We will continue to monitor the status of travel restrictions and adjust our capacity accordingly to meet the traffic demand.” The carrier will begin operating Boeing Co 737-800 planes at its main brand from March as part of a plan to merge its regional offshoot SilkAir into the parent, with full integration expected by March 2022.—Zawya News
