Singapore Airlines (SIA) has posted a $149 million full-year net loss, its first annual loss in 48-years of existence and a shift from the $480 million profit recorded in the same period last year. The loss is attributed to the sudden halt in global travel.
According to the airline, its full-year revenue fell 22% from the same period last year. In March, the group’s carriers recorded a 60.4% decline in passenger carriage.
The airline did not declare any final dividend.
With the aviation industry under severe trouble, cost-cutting measures that SIA has taken include salary cuts for its management team and compulsory no-pay leave for employees.
Singapore Airlines (SIA) is the flag carrier of Singapore, with its hub at Singapore Changi Airport. Skytrax has ranked it as the world’s best airline four times, with the airline also topping Travel & Leisure’s best airline rankings for more than 20 years.
It ranks among the top 15 carriers worldwide in terms of revenue passenger kilometers and is ranked tenth in the world in terms of international passengers carried.
The International Air Transport Association (IATA) has warned that the outbreak could cost passenger airlines up to $113 billion in lost revenue this year.