SIA Group cuts full year net loss amid better operating results
Singapore Airlines Group (SIA) narrowed its net loss by 78% in the fiscal year that ended on March 31, 2022. The positive results were attributed to better operating performance thanks to eased travel restrictions in Singapore and other key markets.
SIA Group reported a net loss of $962 million for the full fiscal year 2021/22. This compares to a net loss of $4.2 billion in FY2020/21.
The airline group carried a total of 3.9 million passengers in FY2021/22. In April 2022, the two airlines in the group, Singapore Airlines (SIA1) (SINGY) and Scoot, carried a total of 1.5 million passengers, an increase of 62.7% compared to March 2022. The airline’s current passenger capacity is reaching 57% of pre-COVID-19 levels.
Singapore removed all Vaccinated Travel Lane arrangements starting April 1, 2022, and allowed fully vaccinated travelers to enter Singapore without the need to quarantine or to take pre-departure and on-arrival COVID-19 tests. The move was welcomed by SIA Group, which previously attributed low passenger traffic to travel restrictions.
Looking ahead to the future, SIA Group is preparing to ramp up its operations and capture returning demand in international travel. The group has restarted cabin crew recruitment, two years after the suspension.
Now, SIA Group anticipates passenger capacity to reach pre-pandemic levels by August 2022.
However, SIA notes that increasing fuel prices remain a concern and that “cargo demand is expected to experience near-term volatility as a result of the Russia-Ukraine conflict, as well as the knock-on effects of pandemic controls in China on the global supply chain”.
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