May 15, 2020 / 1:16 AM / 19 days ago

Singapore Airlines to cut capital spending estimate by 12% amid virus crisis

SYDNEY, May 15 (Reuters) - Singapore Airlines Ltd said on Friday it would slash capital spending by 12% to S$5.3 billion ($3.72 billion) from a previously planned S$6 billion in the financial year ending March 31 as it grapples with the coronavirus crisis.

The airline’s update from its last estimate in November was provided in presentation slides released ahead of an analyst and media briefing to discuss its full-year results.

The latest budget reduces the amount spent on new aircraft by S$600 million and on other items by S$100 million. The airline said it was negotiating with aircraft manufacturers to adjust the delivery stream for orders placed in the past due to the current market conditions. ($1 = 1.4232 Singapore dollars) (Reporting by Jamie Freed Editing by Shri Navaratnam)

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