Singapore: ‘Enormous turbulence’ pushes Changi Airport Group to full-year loss

Singapore’s Changi Airport Group swung to the red in its annual financial results, as it felt the “enormous turbulence” wrought by the coronavirus pandemic. Changi Airport, a global air hub in pre-pandemic times, saw passenger traffic plunge 98%, as air travel ground to a halt. Passenger movement for the 2020 calendar year shows only 11.8m passengers, nearly 83% lower year on year. For the year ended 31 March, CAG reported an operating loss of S$736m ($547m), reversing the S$866m profit it reported the previous financial year. Group revenue tumbled 78% to S$697m, as a result of the steep decline in passenger numbers. However, CAG notes that any further revenue decline was mitigated by an uptick in cargo takings, as well as efforts to diversify its alternative revenue sources. Total expenses fell 36% year on year, to S$1.43b, as the group aggressively embarked on cost-cutting measures. Two of Changi’s four terminals have been closed amid the pandemic, while the development of the airport’s fifth terminal has been put on an indefinite hiatus. CAG also “extensively renegotiated” service contracts amid a drop in passenger traffic, and cut salaries across the grou<br/>