By Yi Wei Wong
Singapore Airlines Ltd. posted a net loss for the fiscal year ended March 31 as passenger traffic plunged amid global travel restrictions.
The airline reported a net loss of 4.27 billion Singapore dollars ($3.21 billion) for the period, compared with loss of S$212 million a year earlier.
The carrier's revenue slumped to S$3.82 billion from S$15.98 billion the previous year.
Singapore Airlines said its second-half net loss widened to S$803.7 million from S$417.6 million the previous year. Revenue was S$2.18 billion in the second half, compared to S$7.65 billion in the same period the year prior.
Passenger traffic plunged by 98% on year for the fiscal year. The company said this was the toughest year in its history.
Singapore Airlines has been exploring different means of raising liquidity to deal with the impact of the Covid-19 pandemic. The airline said that it will raise gross proceeds of around S$6.2 billion through the issuance of convertible bonds.
The airline will continue to tap air cargo demand to cushion the blow from the pandemic, it said.
Write to Yi Wei Wong at email@example.com
(END) Dow Jones Newswires
May 19, 2021 08:23 ET (12:23 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.