Sign up | Log in



Home  >>  Daily News  >>   Singapore News   >>  Aviation  >>  Singapore Airlines posts first quarterly loss six years

31 July 2009

Singapore Airlines posts first quarterly loss six years

Related Stories
July 2, 2009
Singapore’s top leader sees aviation challenges after crisis

June 13, 2009
Goh links Singapore’s investment in Myanmar to Democracy

May 27, 2009
Singapore may support Malaysia’s mega economic zone

May 20, 2009
Singapore’s state investor to stick Citi, UBS

April 12, 2009
Malaysia, Singapore discuss joint projects

Singapore Airlines (SIA) reported on Thursday a loss of $212.5 million for the quarter ended June 2009, the first such loss since the SARS crisis in 2003, Chinese news agency Xinhua reported.

The loss was attributed to the global economic slowdown and the outbreak of A/H1N1 flu, contributing to the decline in cargo and passenger demand. Fuel hedging also added to the loss.

According to an SIA statement, the group recorded an operating loss of S$319 million ($223.08 million) for the quarter, against an operating profit of S$343 million ($239.86 million) last year.

Revenue fell 30.5 percent to S$2.87 billion ($2.01 billion) from S$4.13 billion ($2.89 billion) a year ago.

SIA said it has taken several steps to contain costs, including a freeze on hiring, unpaid leave, wage cuts and deferment of non-essential projects.

Together, these measures to trim staff costs will provide estimated savings of S$60 million ($41.96 million) for the current financial year. The company has also adjusted capacity to match demand during the quarter, by suspending services and reducing frequencies on various routes.

It said though the price of jet fuel is less than half its peak last year, it remains volatile. However, it added that hedging losses are expected to taper off over the course of the financial year as they are settled.

"The group's first quarter performance reflected the adverse business conditions for airlines. If these conditions continue, the group expects to make a loss for the full year," the airline said.


Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below 





1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2020 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand