On May 19, 2021, Singapore Airlines (SIA1) (SINGY) published its financial results for the fiscal year of 2020/21, reporting a record net loss amid decreased demand in international air travel due to the ongoing COVID-19 pandemic.
In the fiscal year 2020/21 that ended on March 31, 2021, Singapore Airlines (SIA1) (SINGY) reported a net loss of S$4.3 billion ($3.2 billion), a decline compared to a net loss of S$212 million ($159 million) in the fiscal year of 2019. Passenger traffic number slumped by 97.7% amid travel restrictions across the globe.
Following the financial report, SIA’s group revenue fell by 76.1% year-on-year due to the plunge in passenger flown revenue across Singapore Airlines (SIA1) (SINGY), SilkAir, and Scoot – the three passenger airlines within the group. However, higher cargo demand cushioned the plunge in low passenger traffic numbers. The cargo revenue rose by S$758 million ($568 million) compared to 2019.
The group swung into an operating loss of S$2,5 billion ($1.8 billion) in FY 2020/21, a sharp decline compared to the S$59 million ($44 million) operating profit recorded in FY 2019/20.
“Even though mass vaccination exercises are in progress in most of our major markets, the prognosis for the global airline industry remains uncertain. While domestic markets have recovered in some countries, international air travel remains severely constrained,” read SIA’s statement.