Singapore Airlines Reports H1 2021/22 Net Loss of $837 Million on 73% Revenue Increase to $2.8 B
Singapore Airlines Group has announced a first half FY 2021/22 net loss of $837 million on a year-over-year revenue increase of 73 percent to $2.8 billion, compared to a net loss of $3.5 billion during H1 2020/21. The company closed the period with $12.5 billion in cash.
On Thursday (November 11, 2021), Singapore Airlines (SIA) Group reported their first half (H1) FY 2021/22 financial results for the period ending September 30, 2021. The Group reported a H1 net loss of $837 million on a 73 percent year-over-year increase in revenue to $2.8 billion, compared to a H1 2020/21 net loss of $3.5 billion. At September 30, 2021, SIA’s cash and bank balances increased $4.7 billion to $12.5 billion, compared to March 31, 2021, primarily attributable to the issuance of Rights 2021 Mandatory Convertible Bonds. The company’s total debt balances increased $0.7 billion during H1 to $15.1 billion due to an increase in lease liabilities resulting from aircraft sale-and-leaseback transactions.
During the second quarter, the company transferred six Boeing 737-8 MAX aircraft from SilkAir to the SIA operating fleet as part of the integration of SilkAir into SIA. Additionally, one new Airbus A350 delivered in the first quarter entered the airline’s operating fleet during the second quarter. The company’s last remaining Airbus A330 aircraft was also removed from the company’s operating fleet for lease return checks. At September 30, 2021, SIA’s fleet included 121 passenger aircraft and seven freighters. During the period, Scoot added one more Airbus A321neo, expanding their operating fleet to 50 passenger aircraft. In total, at the close of H1 2021/22 the SIA Group had a total operating fleet of 171 aircraft and seven freighters, with an average age of six years.
SIA resumed service to several destinations during Q2 including Cape Town, Kathmandu, Manchester and Rome, while Scoot restarted flights to Berlin (via Athens) and Sydney. As of September 30, 2021, SIA served 52 destinations, while Scoot served 24 points. In total, the Group’s network covered 65 destinations at the end of the period, up from 63 at the end of the previous quarter. At the end of Q2, the Group’s cargo network included 78 destinations versus 76 at the end of the first quarter.
Singapore Airlines will resume Airbus A380 operations to London from November 18, 2021 and to Sydney starting December 1st, 2021. The carrier will also resume service to Houston (via Manchester) on December 1st, and launch Singapore-Seattle-Vancouver flights starting December 2, 2021. Scoot will start flights to Seoul-Incheon on November 15th and to Davao on December 1st, 2021. The Group expects passenger capacity to reach 43 percent of pre-pandemic capacity levels by December 2021, with just over 50 percent of 2019 points, or 73 destinations including Singapore.
Source: Singapore Airlines/SIA Group