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Singapore Airlines reported a $816.73 million first-quarter net loss after drastically cutting capacity due to the decline in demand and travel restrictions associated with the coronavirus pandemic
 "Singapore Airlines reports $817 mn loss in first quarter due to Covid-19")
SYDNEY (Reuters) - Singapore Airlines Ltd on Wednesday reported a S$1.123 billion ($816.73 million) first-quarter net loss after drastically cutting capacity due to the decline in demand and travel restrictions associated with the coronavirus pandemic.
The net loss compared with a S$111 million profit in the three months ending June 30 the prior year. Revenue plunged 79.3% to S$851 million during the quarter, the airline said in a statement.
Singapore Airlines this month had warned it would report a material operating loss in the first quarter, including fuel hedge losses from sinking oil prices.
($1 = 1.3750 Singapore dollars)
(Reporting by Jamie Freed, editing by Louise Heavens)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 29 2020 | 4:15 PM IST
