July 29, 2020 / 9:38 AM / 7 days ago

Singapore Airlines reports $817 mln loss in Q1 due to pandemic

SYDNEY, July 29 (Reuters) - Singapore Airlines Ltd on Wednesday reported a S$1.123 billion ($816.73 million) first-quarter net loss after drastically cutting capacity due to the decline in demand and travel restrictions associated with the coronavirus pandemic.

The net loss compared with a S$111 million profit in the three months ending June 30 the prior year. Revenue plunged 79.3% to S$851 million during the quarter, the airline said in a statement.

Singapore Airlines this month had warned it would report a material operating loss in the first quarter, including fuel hedge losses from sinking oil prices. ($1 = 1.3750 Singapore dollars) (Reporting by Jamie Freed, editing by Louise Heavens)

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