Virus-hit Singapore Airlines suffers $800 million Q1 loss
Virus-hit Singapore Airlines suffers $800 million Q1 loss
Singapore Airlines shares plunge to lowest in 21 years after record quarterly loss
01 August, 2020, 11:31
Consensus Bloomberg estimates are projecting for SIA to post a net loss of about S$1.83 billion for FY21, compared to a net loss of S$212 million in FY20 - its first annual loss in its 48-year history. Sales dropped 79% to S$851 million and traffic measured by revenue passenger kilometres sank 99.5%.
Revenue for the group plunged to $851 million, a 79.3 per cent dip on the $4.1 billion from the same period previous year. Its SilkAir unit ceased most operations, except for flights to Chongqing, China, and it suspended flights to the Thai resort island of Koh Samui. Low-priced unit Scoot operated a minimal network to cities including Hong Kong and Perth.
SIA shares closed S$0.04 or 1.1 per cent lower at S$3.53.
Singapore Airlines (SIA) Group has sunk into a net loss of $1.12b in Q1 FY2021 from a net profit of $111m in Q1 FY2020, an announcement revealed. This number was almost 80% lower year-on-year and includes revenues from the group's other carriers: Scoot and SilkAir.
Some of these include reviewing its fleet size based on its needs, as well as negotiating with aircraft manufacturers to adjust delivery orders and payment schedules to reduce near-term cash outflows. SIA also deployed passenger aircraft on cargo missions to boost cargo capacity.
SIA says it has reached an agreement with Airbus "on some of these matters", while discussions with Boeing are "ongoing".
The SIA Group is now operating 32 aircraft on passenger services out of a fleet of 220 aircraft, including seven freighters which are operational. The group has parked 119 aircraft at Singapore Changi Airport and 29 aircraft are stored in Alice Springs, Australia.
The press release read that "the recovery trajectory in international air travel is slower than initially expected", citing both International Air Transport Association (IATA) and International Civil Aviation Organization (ICAO) as having "continued to revise downwards their projections for the recovery of global passenger traffic in the near term". "It will take between two to four years for passenger traffic numbers to return to pre-pandemic levels". It said it has raised a total of S$1.65 billion from secured financing since the start of the current fiscal year.
It was also unlikely that the bulk of the airline's 19 Airbus A380s would return to service as there would be overcapacity, he said. "We will continue to optimise the usage of our freighters to capture demand opportunities and supplement our cargo capacity through the deployment of cargo-only passenger flights when justified", SIA said.
In the meantime, it expects to sustain its cargo load factors amid the constrained global airfreight capacity, due to the significantly lower bellyhold cargo capacity worldwide.
Meanwhile, the integration of SilkAir into SIA remains on track.
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