Singapore Airlines narrows first-quarter loss to $409 million

July 30, 2021

SINGAPORE - The challenge faced by international airlines is again highlighted in first-quarter FY2021/22 financial figures from the Singapore Airlines Group. It said border controls and travel restrictions remained largely in place in key markets for the SIA Group around the world.

The Group's passenger traffic (measured in revenue passenger-kilometres) grew year-on-year on the back of a calibrated increase in passenger capacity (measured in available seat-kilometres), which rose to 28% of pre-COVID-19 levels by the end of the quarter in June 2021.

The passenger load factor (PLF) for the first quarter increased 4.6% year-on-year to 14.8%.

An increase in both passenger and cargo flown revenue resulted in Group revenue increasing by $444 million (+52.2%) year-on-year to $1,295 million. Cargo flown revenue grew by $214 million (+32.4%), and loads carried (+68.2%).

Cargo load factor increased 11.3% to 89.1%. Overall, SIA said, the strong cargo revenue performance reflected healthy demand fundamentals and an ongoing capacity crunch in the sector. 

Net fuel cost increased by $205 million (+132.3%) to $360 million mainly due to higher fuel prices.

As a result, the SIA Group recorded a first quarter operating loss of $274 million, an improvement of $763 million (+73.6%) from the $1,037 million operating loss recorded last year. (ATI).