Singapore Airlines posts record $3.2 billion annual loss, to issue convertible bonds

Singapore Airlines Ltd on Wednesday posted its second-consecutive annual loss, which widened to a record S$4.27 billion ($3.20 billion), and said it would issue S$6.2 billion of convertible bonds to help weather the coronavirus crisis.

The loss for the 12 months ended March 31 was worse than the average S$3.27 billion forecast by eight analysts, according to Refinitiv, and included S$2 billion of impairments largely on the 45 older planes surplus to requirements.

It was also far bigger than the S$212 million annual loss in the prior financial year, its first ever dip into the red, when only one quarter was affected by the pandemic.