SIA suffers record $1.12b loss in Q1

On its outlook, SIA noted that international air travel is not recovering as quickly as expected. ST PHOTO: MARK CHEONG

Singapore Airlines (SIA) reported its worst quarterly showing yesterday, with a $1.12 billion net loss in the three months ended June 30.

Demand for air travel had plummeted amid travel restrictions due to Covid-19, the national carrier said in a regulatory filing.

Revenue for the group plunged 79.3 per cent to $851 million year on year, while expenditure dropped 51.6 per cent to $1.89 billion. Passenger carriage fell across SIA, SilkAir and Scoot, resulting in a 99.5 per cent decline for the company.

SIA noted that international air travel is not recovering as quickly as expected, with the International Air Transport Association projecting slower recovery in the near term.

It is reviewing its network over the longer term, including the fleet size and mix that SIA will need.

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A version of this article appeared in the print edition of The Straits Times on July 30, 2020, with the headline SIA suffers record $1.12b loss in Q1. Subscribe