Singapore Airlines Reports FY 2021/22 Net Loss of $962 Million on Revenue Double to $7.62 Billion
Singapore Airlines Group has reported a fiscal year 2021/22 net loss of $962 million on a year-over-year increase in revenue of 97 percent to $7.62 billion. At March 31, 2022, the Group had $13.8 billion in cash and cash equivalents, and total debt of $15.7 billion.
On Wednesday (May 21, 2022), Singapore Airlines Group (SIA) reported their FY 2021/2022 financial results for the period ending March 31, 2022. The Group reported a fiscal year net loss of $962 million on a year-over-year increase in revenue of 97 percent to $7.62 billion. During FY21/22 SIA carried 3.9 million passengers, a six-fold increase versus the previous fiscal year. The company’s expenses increased year-over-year by 30 percent to $8.23 billion, largely attributable to a 116 percent increase in net fuel costs to $1.17 billion, and a 20 percent increase in non-fuel expenses to $1.0 billion on increased operations. As of March 31, 2022, the Group had $13.8 billion in cash and cash equivalents, and total debt of $15.7 billion.
During FY 21/22 SIA recorded impairment charges of $51 million related to two surplus 737-800s, as well as a further write-down on three previously impaired Boeing 777-300s due to a change in aircraft trade-in plans. In the fourth quarter of the fiscal year, Singapore Airlines took delivery of one Airbus A350-900, which joined the fleet in January 2022. The carrier also took delivery of three Boeing 737-8 MAX aircraft, which will enter service in June, as well as three Airbus A321neos. At March 31, 2022, SIA’s fleet included 123 passenger aircraft and seven freighters, while Scoot had 53 passenger aircraft.
Singapore Airlines resumed service to key markets during the financial year including Australia (Cairns, Darwin and Gold Coast), Southeast Asia (Danang, Denpasar and Surabaya), Amritsar in India, and Cape Town (via Johannesburg) in South Africa. SIA also resumed direct A350-900 ULR flights between Singapore and Newark, and resumed flagship A380 flights to Delhi, Mumbai and New York (via Frankfurt). Services to Moscow and Shenzhen were suspended during Q4. During the period, Scoot also introduced new service to Miri in Sarawak, Malaysia.
At March 31, 2022, Singapore Airlines Group’s network included 93 destinations in 36 countries and territories (SIA-69 destinations, Scoot-43 destinations), compared to a pre-pandemic network of 137 destinations in 37 countries. SIA’s cargo network included 100 destinations at the end of the fourth fiscal quarter, up two from the previous quarter. The Group expects passenger capacity for the first quarter of fiscal 2022/23 to reach 61 percent pre-COVID levels, and 67 percent during the second quarter. Additionally, the Group expects to serve over 70 percent of their pre-pandemic destinations by the end of the second fiscal quarter of 2022/2023.
Source: Singapore Airlines (SIA) Group