Singapore’s national airline records first-ever annual loss – dpa international

dpa

KUALA LUMPUR — Singapore Airlines reported a net annual loss of 212 million Singapore dollars (149 million US dollars) for the year to March 31, the first time in the carrier’s 48-year history that it failed to earn an annual profit. The airline’s revenue was down nearly a billion dollars on 2019, when it posted a 683-million-dollar profit. The carrier put the reversal largely down to the impact of the new coronavirus pandemic – which halted most international travel even before Singapore’s government closed the country’s borders and imposed a lockdown on April 7. “Market conditions deteriorated abruptly in February,” Singapore Airlines noted in a statement. The airline signalled in March that it would be forced to temporarily ground 96 per cent of its capacity due to the pandemic.