Singapore Airlines reports record annual net loss

A Singapore Airlines plane is seen on the tarmac at Changi Airport in Singapore on Mar 15, 2021. (Photo: AFP/Roslan Rahman)

Singapore (VNA) – Singapore Airlines (SIA) Group announced on May 19 that it posted a 4.27 billion SGD (3.2 billion USD) net loss for the fiscal year of 2020/21 due to the COVID-19 pandemic.

The fiscal year ended on March 31, with its net loss representing a big rise compared to 212 million SGD logged in the fiscal year of 2019.

The group’s revenue plunged over 76 percent to 3.8 billion SGD from nearly 16 billion SGD, the carrier said in a filing with the Singapore Exchange, describing the past 12 months as the "toughest year in its history".

Waves of infections and the emergence of more virulent strains of the virus caused passenger traffic to tumble almost 98 percent, it added.

SIA said despite the resurgence of infections, growing vaccine numbers in key markets "provides hope for further recovery" in the second half of this year.

The carrier has already raised a total 15.4 billion SGD in fresh capital and is seeking to raise a further 6.2 billion SGD to strengthen its financial position./.