Singapore Airlines Suffers A Net Loss Of $302 Million
Singapore Airlines suffers a net loss of S$409 million ($302 million) in the first quarter of the financial year 2021-2022.
Passenger travel demand has been slowly improving however the airline recorded a load factor of just 15% in the first quarter.
The airline has stated that they continue to be impacted heavily by border control and travel restrictions.
Although the airline still has a healthy cash balance recently raising S$6.2 billion of convertible bonds underwritten by its largest shareholder, state investor Temasek Holdings.
Singapore’s full-service network covered 491 destinations with Scoot serving 241 destinations in June.
The Singapore Group expects passenger travel to reach around 33% of pre-COVID-19 levels by the end of July 2021.
Singapore Airlines resumed flights to the Maldives earlier in March with the newly acquired Boeing 737’s from Silk Air which marked the first time in 40 years the airline operated a narrow-body aircraft.