Economic news

Singapore Airlines Posts $3.2 Billion Annual Loss

Singapore Airlines Ltd on Wednesday posted its second-consecutive annual loss, widening to a record S$4.27 billion ($3.20 billion) and said it would issue S$6.2 billion of convertible bonds to help weather the coronavirus crisis.

The loss for the 12 months ended March 31 was worse than the average S$3.27 billion forecast from eight analysts, according to Refinitiv data.

It was also far bigger than the S$212 million annual loss the financial prior year, its first ever dip into the red, when only one quarter was affected by the pandemic. Annual revenue fell 76.1% to S$3.82 billion in the financial year ended March 31.

($1 = 1.3323 Singapore dollars)

Reporting by Jamie Freed in Sydney, editing by Louise Heavens

Source: Reuters

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