Singapore Airlines reports $1.12b loss in Q1 due to Covid-19 pandemic

Singapore Airlines on Wednesday reported a $1.12 billion first-quarter net loss after drastically cutting capacity due to the decline in demand and travel restrictions associated with the coronavirus pandemic.

The net loss compared with a $111 million profit in the three months ending June 30 the prior year.

Revenue plunged 79.3 per cent to $851 million during the quarter, the airline said in a statement.

Singapore Airlines this month had warned it would report a material operating loss in the first quarter, including fuel hedge losses from sinking oil prices.

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