Singapore airlines
AviationHighlightTop StoryTrending Story

Singapore Airline posts $4.3 billion loss after ‘toughest year in history’

226

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.

Leave a comment

Related Articles

Defence Minister Urges Youth Council To Join Fight Against Oil Theft

The Minister of Defence, Mr. Mohammed Abubakar, has called on the National...

NNPC Ltd. Chief advocates Special Court for Crude Oil Theft, Pipeline Vandalism

“Together, we can ensure that the benefits of our natural resources are...

WCQ: NFF Set To Hire Foreign Technical Adviser For Super Eagles

In a bid to salvage Nigeria’s 2026 World Cup aspiration, the Executive...

Eid-el-Kabir: Kano Police prohibits Durbar celebrations for security reasons

Ahead of Eid-el-Kabir, the Kano State Police Command has banned all Durbar...

Federal court insists it has jurisdiction to hear deposed Emir Bayero’s rights violation suit

The Federal High Court in Kano has affirmed its jurisdiction to hear...

Messi to miss Olympics but leaves door open for 2026 World Cup

Eight-time Ballon d’Or winner Lionel Messi has disclosed that he will not...

Just in: Supreme Court reserves judgment in FG’s suit seeking full local govt. autonomy

The Supreme Court has reserved judgment in the Federal Government’s suit against...

FG warns of massive layoffs as labor disagrees on N62,000 minimum wage

The Federal Government has asked organized labor to take into account the...

CNG now available for purchase for cars, trucks, says Soneye

Barely a month after deploying Compressed Natural Gas (CNG) delivery installations in...

Soludo cautions Pres. Tinubu against unsustainable minimum wage

The Anambra State Governor, Prof. Chukwuma Soludo, has cautioned President Bola Tinubu...

Democracy Day: I didn’t fall, I prostrated for our country attaining Silver Jubilee—Tinubu

President Bola Tinubu has downplayed the momentary slip during the presidential parade...

Power supply: Ogun set to acquire abandoned River Basin Development Authority’s hydro power plant

Ogun Gov. Dapo Abiodun has expressed interest in acquiring the abandoned hydro...

June 12: Ogun Gov. Abiodun pays homage to Abiola’s family, urges national perseverance

Governor Dapo Abiodun of Ogun State has urged Nigerians to remain committed...

Democracy Day: Give Nigerian workers living wage, group urges Tinubu

As Nigerians commemorate 25 years of unbroken democracy, a socio-political group, the...

Presidential aide shrugs off Tinubu’s slip at Eagles Square as minor mishap

President Bola Tinubu’s Special Adviser on Social Media, Mr. Dada Olusegun, has...

Pres. Tinubu lauds, acknowledges Nigerian media’s contributions to democracy

President Bola Ahmed Tinubu has acknowledged the significant contributions of the media...

Pres. Tinubu hails Abiola, Ezeife, Yar’Adua, Kokori others, urges vigilance against undemocratic forces

President Bola Ahmed Tinubu has paid tributes to iconic Chief MKO Abiola,...

Democracy Day: Tinubu promises swift action on minimum wage legislation, hails heroes, heroines of June 12

…pays glowing tributes to MKO Abiola, Kudirat Abiola, Yar’Adua, Rewane, and other...

Democracy Day: Pres.Tinubu to address Nigerians on Wednesday

President Bola Tinubu will deliver a special Democracy Day address to the...

Nigeria’s 25 years of democracy: Ex. Pres. Jonathan calls for inclusive democracy, national unity

Former President Goodluck Jonathan has urged Nigerians to adopt democratic practices that...