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Singapore Airlines narrows annual loss to US$683.6 million
May 19th 2022
Singapore Airlines Group (SIA) has reported a net loss of S$948.1 million (US$683.6 million) for the 12 months to March 31, an improvement from a net loss of S$4.3 billion in the year ago period. Read More » Revenue jumped 99.6%, to S$7.6 billion, SIA said in a regulatory filing to the Singapore Exchange. Costs increased 30%, to S$8.2 billion for the 12 months. In an indication of the change in market conditions during the reported year, SIA eked out an operating profit of S$9.7 million in the second half of its fiscal 2022 financial year compared with an operating loss of S$619.4 million in the first half.
“Singapore's launch and subsequent expansion of the Vaccinated Travel Lane (VTL) scheme was the game changer,” SIA said. The airline group, Singapore Airlines and Scoot, said forward sales, measured as a percentage of the total number of seats available in the three months to August 2022, are approaching pre-COVID-19 levels. “Key markets around the world have further eased travel restrictions, supporting a strong recovery in air travel demand across all cabin classes,” SIA said. “The group will closely monitor demand, remain nimble and alert to all opportunities that may arise and adjust its capacity and services accordingly,” SIA Group said.
