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Singapore Airlines Reports First Half 2020 Loss of $3.5 Billion on 80.4% Revenue Decline to $1.6 B

During H1 the airline reported a $1.3 billion impairment charge related to fleet restructuring and the removal of 26 older generation aircraft. The Group’s 80.4 percent revenue decline is largely attributable to the impact of COVID-19 and international travel restrictions.

Singapore Airlines Boeing 777-200 - Courtesy Singapore Airlines

On Friday (November 6, 2020), Singapore Airlines (SIA) announced a first half 2020 net loss of ($3.5) billion on an 80.4 percent to $1.6 billion. The Group’s sharp decline in passenger revenue at SIA, SilkAir and Scoot is largely attributable to the impact of the global COVID-19 pandemic and associated international travel restrictions. During H1, the Group reported a $1.3 billion impairment charge related to fleet restructuring and the retirement of 26 older generation aircraft. Passenger revenue was partially offset by a 28.3 percent increase in cargo revenue. The company’s expenditures during the first half declined 55.8 percent year-over-year to $3.5 billion on lower expenditures, including fuel costs. The Group recognized mark-to-market losses of $563 million on ineffective fuel hedges during the period. Singapore Airlines’ H1 operating loss was $1.9 billion, compared to an operating profit of $413 million during H1 2019.

Singapore Airlines Group Reports First Half 2020 Financial Results - Courtesy SIA

The 26 aircraft retired by SIA include seven Airbus A380s, four 77-200/200ERs, four 777-300s, nine A320s and two A319s. As previously mentioned, this resulted in a $1.3 billion impairment charge. The company also reported a charge of $127 million associated with the liquidation of NokScoot, mainly attributable to the impairment of seven leased Boeing 777s. The Group has also written down $170 million in goodwill associated with their October 2014 acquisition of Tiger Airways. SIA previously announced a headcount reduction of 4,300 positions across the Group’s three airlines, a number which was reduced to 2,000 through early retirement and voluntary release schemes. The manpower rationalization program resulted in a cost of $42 million.

The SIA Group fleet currently consists of 222 passenger and cargo aircraft, with the passenger network being supported by 39 aircraft and cargo operations being supported by seven freighters and 33 cargo-only passenger aircraft. The company has parked 114 aircraft at Singapore Changi Aircraft and 29 are stored in Alice Springs. Between June and September SIA increased their network from 24 to 30 destinations, SilkAir from three to five and Scoot from six to 16. The Group’s cargo network currently serves 61 destinations, up from 26 in April 2020. In the next few months, Singapore Airlines will absorb SilkAir’s narrow-body fleet, with the first SIA 737-800 expected to enter service during Q1 2021. Singapore Airlines Group has successfully increased their liquidity position by $11.3 billion since the start of the financial year.

Source: Singapore Airlines Group


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