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2021-11-11

Good or Bad? [Doubt]

Singapore Airlines' Q2 loss narrows on cost cuts, air travel pick-up

Nov 11 (Reuters) - Singapore Airlines Ltd (SIA) said on Thursday market conditions were improving af

Singapore Airlines' Q2 loss narrows on cost cuts, air travel pick-up

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[Doubt]","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/870562453","repostId":1156547758,"repostType":4,"repost":{"id":"1156547758","kind":"news","pubTimestamp":1636629604,"share":"https://www.laohu8.com/m/news/1156547758?lang=&edition=full","pubTime":"2021-11-11 19:20","market":"sg","language":"en","title":"Singapore Airlines' Q2 loss narrows on cost cuts, air travel pick-up","url":"https://stock-news.laohu8.com/highlight/detail?id=1156547758","media":"Reuters","summary":"Nov 11 (Reuters) - Singapore Airlines Ltd (SIA) said on Thursday market conditions were improving af","content":"<p>Nov 11 (Reuters) - Singapore Airlines Ltd (SIA) said on Thursday 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.</p>\n<p>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.</p>\n<p>It posted a net profit of S$94.5 million in the September quarter of 2019.</p>\n<p>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.</p>\n<p>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.</p>\n<p>In September, passenger capacity reached around 32% of pre-pandemic levels, though on average it filled only 20% of the seats on its planes.</p>\n<p>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.</p>\n<p>Neighbouring Malaysia will be added to the list from Nov. 29, allowing for more flights between Singapore and Kuala Lumpur, one of the world’s busiest international routes before the pandemic.</p>\n<p>The airline will restart Singapore-London flights on its flagship Airbus SE A380 super-jumbos on Nov. 18 and will fly them to Sydney from Dec. 1.</p>\n<p>SIA, like Hong Kong-based rival Cathay Pacific Airways Ltd , has no domestic market and has been hard-hit by border closures.</p>\n<p>Singapore has capped daily arrivals for the vaccinated travel lanes, meaning the allowable traffic is in the single-digit percentages of pre-pandemic passenger numbers.</p>\n<p>But it is an encouraging sign for travel in the Asia-Pacific region, which had had some of the world’s toughest border controls during the pandemic.</p>\n<p>SIA’s management team will hold a results briefing for analysts and media on Friday.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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