Markets News

Singapore Airlines posts record $1.7 bln loss in Q2 on pandemic impact

SINGAPORE, Nov 6 (Reuters) - Singapore Airlines Ltd on Friday reported a record S$2.34 billion ($1.74 billion) net loss for the July-September quarter, dragged down by a pandemic-induced fall in passenger traffic and impairment charges on the carrying values of older generation aircraft.

The loss compared with the prior year’s S$94.5 million profit. Revenue fell 81% to S$783.8 million.

The latest loss included an impairment charge of S$1.3 billion relating to the removal of 26 older generation aircraft, including seven Airbus SE A380 super-jumbos, to reposition its fleet. ($1 = 1.3471 Singapore dollars) (Reporting by Aradhana Aravindan in Singapore; Additional reporting by Jamie Freed in Sydney; Editing by Christopher Cushing and Jane Merriman)