SIA Group narrows first quarter net loss to SG$409 million

©Singapore Airlines

The SIA Group has posted its financial performance for the first quarter FY2021/22. An increase in both passenger and cargo flown revenue resulted in Group revenue increasing by SG$444 million (+52.2%) year-on-year to SG$1,295 million. Cargo flown revenue grew by SG$214 million (+32.4%), as the calibrated resumption in passenger flights contributed to an increase in cargo capacity (+46.9%) and loads carried (+68.2%). Cargo load factor increased 11.3 percentage points to 89.1%, while yields moderated from the exceptionally high levels during the same period last year. Overall, the strong cargo revenue performance for the first quarter reflected the healthy demand fundamentals and an ongoing capacity crunch in the sector.

The Group recorded a first-quarter operating loss of SG$274 million, an improvement of SG$763 million (+73.6%) from the SG$1,037 million operating loss recorded last year. The Group reported a net loss of SG$409 million for the quarter, an improvement of SG$714 million (+63.6%) against last year. This was primarily driven by better operating performance and the absence of non-cash impairment charges relating to the liquidation of NokScoot.

The SIA Group completed the issuance of the Rights 2021 Mandatory Convertible Bonds, which raised SG$6.2 billion in additional liquidity, during the quarter. In total, the Group has successfully raised SG$21.6 billion in fresh liquidity since April 1, 2020. . (US$1.00 = SG$1.35 at time of publication.)

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