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Singapore Airlines reports $817 mn loss in first quarter due to Covid-19

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

Topics
Singapore Airlines | Q1 results | Coronavirus

Reuters  |  SYDNEY 

Singapore Airlines
Singapore Airlines

SYDNEY (Reuters) - 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 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.

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: Wed, July 29 2020. 16:15 IST
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