{"id":14186,"date":"2020-07-29T23:33:22","date_gmt":"2020-07-29T15:33:22","guid":{"rendered":"https:\/\/sg.everydayonsales.com\/news\/?p=14186"},"modified":"2020-07-29T23:33:22","modified_gmt":"2020-07-29T15:33:22","slug":"sia-group-suffers-1-billion-net-loss-in-the-first-quarter","status":"publish","type":"post","link":"https:\/\/sg.everydayonsales.com\/news\/14186\/sia-group-suffers-1-billion-net-loss-in-the-first-quarter\/","title":{"rendered":"SIA Group Suffers $1 Billion Net Loss In the First Quarter"},"content":{"rendered":"

\"\"<\/p>\n

SIA Group Suffers $1 Billion Net Loss In the First Quarter<\/p>\n

\"\"<\/p>\n

The Singapore Airlines Group has reported on its 1st quarter which has more than $1 billion net loss. The details were published in the new on July 29. Here are some of the details:<\/p>\n

\"\"<\/p>\n

\u2022 Passenger carriage measured in revenue-passenger-kilometers fell by<\/p>\n

– 99.4 percent year-on-year for Singapore Airlines,<\/p>\n

– 99.8 percent for SilkAir, and<\/p>\n

– 99.9 percent for Scoot.<\/p>\n

\u2022\u00a0This resulted in a 99.5 percent decline for the group.<\/strong><\/p>\n

\u2022 Group revenue declined S$3.251 billion (-79.3 percent) year-on-year to S$851 million during the first quarter.<\/p>\n

\u2022 The sharp drop in passenger flown revenue was partially offset by improvements in cargo was flown revenue.<\/p>\n

\u2022 SIA has proactively deployed passenger aircraft on cargo missions to boost cargo capacity.<\/p>\n

\u2022 This was due to airfreight capacity crunch coupled with strong demand for urgent movements of personal protective equipment, pharmaceuticals, and fresh foods.<\/p>\n

\u2022 Group expenditure decreased S$2.014 billion (down 51.6 percent) from 2019 to S$1.888 billion, attributable to lower net fuel cost and non-fuel expenditure.<\/p>\n

\u2022 Net fuel cost fell S$1.018 billion (-86.8 percent) as capacity cuts and lower fuel prices led to a reduction in fuel cost before hedging of S$1.146 billion (-93.2 percent).<\/p>\n

\u2022 This was partially offset by fuel hedging losses on contracts that matured during the quarter, as compared to a gain in 2019.<\/p>\n

\u2022 The group further recognized additional ineffective hedges with losses of S$464 million that have been recognized this quarter.<\/p>\n

\u2022 Non-fuel expenditure was down S$1.46 billion (-53.5 percent) year-on-year, following widespread cost-saving measures from capacity cuts as well as support schemes given by the government to reduce staff and other operating costs.<\/p>\n

\u2022\u00a0Consequently, the group swung into an operating loss of S$1.037 billion for the quarter, a S$1.234 billion reversal from an operating profit of S$200 million last year<\/strong><\/p>\n

\u2022 For the quarter ended June 30, 2020, the group reported a net loss of S$1.123 billion, a deterioration of S$1.234 billion against last year.<\/p>\n

\u2022\u00a0The group’s passenger capacity by the end of Q2 FY20\/21 is projected to be approximately 7 percent compared to pre-COVID-19 levels.<\/strong><\/p>\n

\u2022 Currently, of a group fleet of 220 aircraft including seven freighters, 32 aircraft are deployed on passenger services.<\/p>\n

\u2022 All seven freighters are operational, while 33 passenger aircraft have also been deployed on cargo-only services.<\/p>\n

\u2022 SIA has parked 119 aircraft at Singapore Changi Airport, and 29 aircraft are stored in Alcie Springs.<\/p>\n

\u2022 The group will continue to monitor the situation and, when appropriate, return the aircraft to Singapore ahead of re-introducing them to its operations.<\/p>\n

\u2022\u00a0It is estimated to take between two to four years for passenger traffic numbers to return to pre-pandemic levels.<\/strong><\/p>\n

\u2022 By the end of FY20\/21, the group’s passenger capacity may reach less than half of its pre-COVID-19 levels.<\/p>\n

\"\"\"\"<\/p>\n

 <\/p>\n

image source<\/a>, source<\/a>, source<\/a>, Unsplash<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

SIA Group Suffers $1 Billion Net Loss In the First Quarter The Singapore Airlines…<\/p>\n","protected":false},"author":6,"featured_media":14190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[65],"tags":[2126,2125],"yoast_head":"\nSIA Group Suffers $1 Billion Net Loss In the First Quarter - Singapore EverydayOnSales News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sg.everydayonsales.com\/news\/14186\/sia-group-suffers-1-billion-net-loss-in-the-first-quarter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SIA Group Suffers $1 Billion Net Loss In the First Quarter - Singapore EverydayOnSales News\" \/>\n<meta property=\"og:description\" content=\"SIA Group Suffers $1 Billion Net Loss In the First Quarter The Singapore Airlines…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sg.everydayonsales.com\/news\/14186\/sia-group-suffers-1-billion-net-loss-in-the-first-quarter\/\" \/>\n<meta property=\"og:site_name\" content=\"Singapore EverydayOnSales News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/sgeverydayonsales\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-29T15:33:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/sg.everydayonsales.com\/news\/wp-content\/uploads\/2020\/07\/Net-Loss-In-First-Quarter.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@sgeons\" \/>\n<meta name=\"twitter:site\" content=\"@sgeons\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"2 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/sg.everydayonsales.com\/news\/#organization\",\"name\":\"EverydayOnSales Singapore\",\"url\":\"https:\/\/sg.everydayonsales.com\/news\/\",\"sameAs\":[\"https:\/\/www.facebook.com\/sgeverydayonsales\",\"https:\/\/www.instagram.com\/sgeverydayonsales\/\",\"https:\/\/twitter.com\/sgeons\"],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/sg.everydayonsales.com\/news\/#logo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/sg.everydayonsales.com\/news\/wp-content\/uploads\/2019\/08\/SG-EverydayOnSales.jpg\",\"contentUrl\":\"https:\/\/sg.everydayonsales.com\/news\/wp-content\/uploads\/2019\/08\/SG-EverydayOnSales.jpg\",\"width\":400,\"height\":400,\"caption\":\"EverydayOnSales Singapore\"},\"image\":{\"@id\":\"https:\/\/sg.everydayonsales.com\/news\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/sg.everydayonsales.com\/news\/#website\",\"url\":\"https:\/\/sg.everydayonsales.com\/news\/\",\"name\":\"EverydayOnSales Singapore News\",\"description\":\"Trending news for Singapore\",\"publisher\":{\"@id\":\"https:\/\/sg.everydayonsales.com\/news\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/sg.everydayonsales.com\/news\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/sg.everydayonsales.com\/news\/14186\/sia-group-suffers-1-billion-net-loss-in-the-first-quarter\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/sg.everydayonsales.com\/news\/wp-content\/uploads\/2020\/07\/Net-Loss-In-First-Quarter.jpg\",\"contentUrl\":\"https:\/\/sg.everydayonsales.com\/news\/wp-content\/uploads\/2020\/07\/Net-Loss-In-First-Quarter.jpg\",\"width\":1200,\"height\":630},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/sg.everydayonsales.com\/news\/14186\/sia-group-suffers-1-billion-net-loss-in-the-first-quarter\/#webpage\",\"url\":\"https:\/\/sg.everydayonsales.com\/news\/14186\/sia-group-suffers-1-billion-net-loss-in-the-first-quarter\/\",\"name\":\"SIA Group Suffers $1 Billion Net Loss In the First Quarter - 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