Singapore Airlines: Revenue doubled in Q2 to S$1.53 billion

Singapore Airlines Ltd (SIA) said market conditions were improving after it reported a narrower second-quarter loss due to cost-cutting efforts, record cargo revenue and an improvement in passenger numbers from a low base, Reuters reported.

The net loss of S$427.6 million ($315.6 million) for the three months to Sept. 30 was down from a record S$2.34 billion loss a year earlier, when COVID restrictions hammered air travel and the airline took large impairment charges on older planes.

It posted a net profit of S$94.5 million in the September quarter of 2019.

Revenue doubled in the second quarter to S$1.53 billion due to strong cargo demand and a four-fold rise in passenger numbers from a very low base.

The airline said monthly operating cashflows were near breakeven levels and it expected passenger capacity to reach 43% of pre-pandemic levels by December, serving half of its previous destinations.

In September, passenger capacity reached around 32% of pre-pandemic levels, though on average it filled only 20% of the seats on its planes.

Singapore has recently opened vaccinated travel lanes without quarantine with more than a dozen countries including Britain, the United States, Germany, Australia and South Korea.