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

Investing in Space: You’re in or you’re out
World

Investing in Space: You’re in or you’re out

CNBC’s Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. Sign up to receive future editions. Portrait of astronaut in space suit and helmet. Nisian Hughes | Stone | Getty Images Overview: You’re in or you’re out There’s an air of ‘been there, done that’ about […]

Read More
Indian state refiners pause Russian oil purchases, Reuters reports
World

Indian state refiners pause Russian oil purchases, Reuters reports

FILE PHOTO: Crude oil tanker Nevskiy Prospect, owned by Russia’s leading tanker group Sovcomflot, transits the Bosphorus in Istanbul, Turkey September 6, 2020.  Yoruk Isik | Reuters Indian state refiners have stopped buying Russian oil in the past week as discounts narrowed this month and U.S. President Donald Trump warned countries not to purchase oil from Moscow, industry sources said. India, the world’s third-largest oil importer, is the biggest buyer […]

Read More
Trump rejigs tariff rates ahead of deadline, levies 40% duties on all transshipped goods
World

Trump rejigs tariff rates ahead of deadline, levies 40% duties on all transshipped goods

U.S. President Donald Trump points a finger as he delivers remarks in the Roosevelt Room at the White House in Washington, D.C., U.S., July 31, 2025. Kent Nishimura | Reuters U.S. President Donald Trump signed an executive order Thursday that modified “reciprocal” tariffs on dozens of countries, with updated duties ranging from 10% to 41%. […]

Read More