This archive report was first published on 22 May 2020.
Published on May 22, 2020, Singapore Airlines has posted a $149 million full-year net loss, its first annual loss in 48 years of existence.
The airline's financial woes are attributed to the sudden halt in global travel, which has severely impacted the aviation industry.
According to the airline, its full-year revenue fell 22% from the same period last year, with its carriers recording a 60.4% decline in passenger carriage in March.
As a result, the airline has taken cost-cutting measures, including salary cuts for its management team and compulsory no-pay leave for employees.
Despite its financial struggles, Singapore Airlines remains one of the world's top airlines, ranking among the top 15 carriers worldwide in terms of revenue passenger kilometers and tenth in the world in terms of international passengers carried.
The International Air Transport Association (IATA) has warned that the outbreak could cost passenger airlines up to $113 billion in lost revenue this year.
