Singapore Air shares fall most in two decades after record loss
SIA’s shares fell to their lowest price in more than 21 years after the carrier posted its biggest quarterly loss ever as the coronavirus wiped out travel demand. The net loss in the three months to June was S$1.12b, compared with net income of S$111m a year earlier. Sales dropped 79% to S$851m, and traffic measured by revenue passenger per kilometer sank 99.5%. Singapore Airlines said Wednesday its passenger capacity still may be less than half of pre-coronavirus levels by the end of its fiscal year next March. The carrier’s fuel hedging policy led to a S$535m loss in the quarter, while there was also a S$127m hit from the liquidation of NokScoot. Singapore Airlines owned a 49% stake in the low-cost Thai carrier that collapsed in June. Singapore Airlines was operating only to 24 cities by the end of June. 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-cost unit Scoot operated a minimal network to cities such as Hong Kong and Perth, Australia. Passenger capacity at the end Q2 is forecast to be about 7% of the level before Covid-19. Out of a fleet of 213 passenger aircraft, only 32 are being deployed, the airline said.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-07-30/star/singapore-air-shares-fall-most-in-two-decades-after-record-loss
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Singapore Air shares fall most in two decades after record loss
SIA’s shares fell to their lowest price in more than 21 years after the carrier posted its biggest quarterly loss ever as the coronavirus wiped out travel demand. The net loss in the three months to June was S$1.12b, compared with net income of S$111m a year earlier. Sales dropped 79% to S$851m, and traffic measured by revenue passenger per kilometer sank 99.5%. Singapore Airlines said Wednesday its passenger capacity still may be less than half of pre-coronavirus levels by the end of its fiscal year next March. The carrier’s fuel hedging policy led to a S$535m loss in the quarter, while there was also a S$127m hit from the liquidation of NokScoot. Singapore Airlines owned a 49% stake in the low-cost Thai carrier that collapsed in June. Singapore Airlines was operating only to 24 cities by the end of June. 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-cost unit Scoot operated a minimal network to cities such as Hong Kong and Perth, Australia. Passenger capacity at the end Q2 is forecast to be about 7% of the level before Covid-19. Out of a fleet of 213 passenger aircraft, only 32 are being deployed, the airline said.<br/>
