Singapore Airlines traffic revenue declines to $1.6 billion

Singapore Airlines

Caption: Singapore Airlines traffic revenue declines to $1.6 billion

The airline group revenue declined 80.4 per cent to just S$1.6 billion ($US1.18 billion) in the first half of the financial year ending September 30 due to COVID-19.

The airline said that it responded to the demand by maximising freighter utilisation and deploying passenger aircraft on cargo missions.

While revenue was down 80.4 per cent group expenditure decreased only 55.8 per cent to S$3.4 billion.

As a result, the Group swung to an operating loss of S$1.8 billion million for the first half, a S$2.2 billion reversal from an operating profit of S$413 million last year.

The airline also has approval from shareholders until its next Annual General Meeting to
raise up to an additional S$6.2 billion through the issuance of Mandatory Convertible Bonds.