Singapore Airlines racked up a whopping $4.27 billion net loss for the year after the worst crisis in its history sent passenger traffic dropping 98 per cent and grounded the bulk of its fleet.
The loss was far bigger than the S$212 million recorded in the prior financial year, its first ever dip in the red, when only one quarter had been affected by the pandemic.
The red ink came on the back of a $12.16 billion, or 76 per cent, dive in turnover to $3.82 billion for the 12 months to March 31 as passenger revenue across all its three carriers – Singapore Airline, SilkAir and Scoot – dived in what it called “its toughest year in history”.
If not for a $758 million, or 39 per cent, increase in cargo revenue to $2.71 billion, the top line would have been even worse.
Passenger traffic plunged 97.9 per cent, with the group serving 596,000 passengers across its network during the year. In the previous financial year, the group carried 35.8 million passengers.
Looking ahead, Singapore Airline said it “expects to continue with a measured expansion of the passenger network and will remain nimble and flexible in adjusting capacity to meet the demand for air travel”.
Singapore Airline flew to 60 destinations including Singapore at the end of March, compared to 54 destinations three months earlier.
“The growing pace of mass vaccination exercises in key markets provides hope for further recovery in international air travel demand in the second half of 2021,” it said.