Singapore Airlines narrows annual loss, says outlook is improving

Singapore Airlines narrows annual loss, says outlook is improving


Singapore Airlines on Wednesday posted a narrower annual loss of S$962 million ($694.08 million), at a time when demand remained low due to the pandemic, but said the outlook was improving as travel restrictions were lifted.

SIA’s loss in the 12 months ended on March 31, its third consecutive year in the red, was an improvement from the S$4.3 billion loss a year earlier that included impairment charges on 45 older aircraft.

The latest figure was in line with the average forecast of a S$968.5 million net loss from 11 analysts polled by Refinitiv.

Annual revenue doubled to S$7.6 billion.

SIA said passenger capacity would average around 61% of pre-pandemic levels in the first quarter and 67% in the second quarter as the outlook improved.

A Singapore Airlines plane plies along the tarmac of Changi International Airport in Singapore on May 13, 2022. SIA said passenger capacity would average around 61% of pre-pandemic levels in the first quarter and 67% in the second quarter as the outlook improved.

Roslan Rahman | Afp | Getty Images

“Key markets around the world have further eased travel restrictions, supporting a strong recovery in demand in air travel across all cabin classes,” SIA said in a statement.

It added that forward sales, when measured as a percentage of available seats, were approaching pre-pandemic levels for the three months up to August.

Singapore on April 1 took a major step forward in reopening by allowing fully-vaccinated travelers to enter the country without the need to quarantine or take an on-arrival test for Covid-19, as well as lifting all daily arrival quotas. From April 26, it removed the need for pre-departure tests.

Passenger traffic at Singapore’s Changi Airport has doubled in May compared with March to stand at around 40% of pre-Covid levels, the country’s transport minister said on Tuesday.

SIA, like Hong Kong-based rival Cathay Pacific Airways, lacks a domestic market. But Singapore has been reopening at a much faster pace than Hong Kong, allowing SIA to restore pre-pandemic capacity levels more quickly.



Source

CNBC Daily Open: Are investors missing the Nvidia forest for the AI tree?
World

CNBC Daily Open: Are investors missing the Nvidia forest for the AI tree?

An Nvidia chip is seen through a magnifying glass in Beijing, China, on August 1, 2025. Vcg | Visual China Group | Getty Images Market watchers might be perplexed by the seemingly contradictory moves of Nvidia’s shares in extended trading. The company beat expectations for its second-quarter results, and its forward revenue guidance also surpassed […]

Read More
Asia-Pacific markets poised to trade lower; Bank of Korea policy decision in focus
World

Asia-Pacific markets poised to trade lower; Bank of Korea policy decision in focus

Sunset scene of light trails traffic speeds through an intersection in Gangnam center business district of Seoul at Seoul city, South Korea Mongkol Chuewong | Moment | Getty Images Asia-Pacific markets were poised to trade lower Thursday as investors await the Bank of Korea policy decision. Japan’s Nikkei 225 was on course to open lower, with […]

Read More
How China’s electric vehicle juggernaut is reshaping the global car market
World

How China’s electric vehicle juggernaut is reshaping the global car market

Workers from Chinese electric vehicle (EV) company NIO inspect vehicles in the final quality control area on the automated production line at the companys manufacturing hub on January 17, 2025 in Hefei, China. Kevin Frayer | Getty Images News | Getty Images The speed and scale of China’s electric vehicle revolution has caught the world […]

Read More