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SIA - Higher first half net profit of S$206M but subsidiary Scoot faces challenges

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Singapore Airlines posts first annual net loss in 48-year history after COVID-19 cripples demand

SINGAPORE: National carrier Singapore Airlines on Thursday (May 14) reported the first annual net loss in its 48-year history, after COVID-19 crippled travel demand.

In a filing to the Singapore Exchange, SIA Group reported a net loss of S$212 million for the 12 months ending Mar 31, a reversal from the S$683 million profit in the previous year.

Net loss for January to March alone was S$732 million, compared with the S$203 million net profit in the same period last year.

Operating profit for the year came in at S$59 million, down 94.5 per cent from S$1 billion the previous year.

SIA said that it had entered the fourth quarter on the back of a strong performance in its first nine months, after robust passenger traffic and extensive initiatives undertaken as part of its transformation programme.

Then COVID-19 hit, and fears about the spread of the virus brought global travel to a standstill.

More: https://www.channelnewsasia.com/news/business/singapore-airlines-sia-q4-full-year-results-covid-19-coronavirus-12732134

Press Release: https://links.sgx.com/FileOpen/nr-q4fy1920 .ashx?App=Announcement&FileID=610775

SGX Filing: https://links.sgx.com/FileOpen/sgxann-q4fy1920.ashx?App=Announcement&FileID=610774

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