Singapore Airlines burns 3.2bln USD in just two months because of COVID-19
Singapore Airlines has spent 4.4 billion SGD (more than 3.2 billion USD) over the last two months as a result of the COVID-19 pandemic that has forced governments to close borders to stem the spread of the coronavirus.
Singapore Airlines spends 4.4 billion SGD (more than 3.2 billion USD) over the last two months as a result of the COVID-19 pandemic. (Photo: AFP/VNA)
Singapore (VNA) – Singapore Airlineshas spent 4.4 billion SGD (more than 3.2 billion USD) over the last two months asa result of the COVID-19 pandemic that has forced governments to close bordersto stem the spread of the coronavirus.
The airline said since mid-June, it has spent 1.1 billionSGD on operating expenses, the settlement of maturing fuel hedging trades andticket refunds following the cancellation of flights in view of the continuingborder controls and travel restrictions.
Another 2 billion SDG has been used to repay a bridge loanwhile 0.2 billion SGD has been applied toward aircraft purchases. Approximately0.9 billion SDG was to service debt, which included the redemption of the airline’s10-year 500-million-SDG Fixed Rate Notes in July and repayment of fundspreviously drawn under certain lines of credit.
In June, the airline raised 8.8 billion SGD through itsrights issues as the airline continues to suffer from the lockdown ininternational aviation.
Since the start of the COVID-19 pandemic, Singapore Airlineshas taken steps to significantly reduce its monthly expenditure. To curb costs,it has slashed salaries and put staff on unpaid leave as it operates at lessthan 10 percent of capacity.
The Singaporean carrier posted a loss of 1.85 billion SGD inthe first half of this year as the pandemic wiped out passenger traffic. CathayPacific lost 9.9 billion HKD (1.27 billion USD) and Qantas 1.96 billion AUD (1.4billion USD)./.
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Singapore Airlines spends 4.4 billion SGD (more than 3.2 billion USD) over the last two months as a result of the COVID-19 pandemic. (Photo: AFP/VNA)
