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.
