SIA cuts down net loss to $409m in Q1

The airline saw a net loss of $1.12b in the same period last year.

Singapore Airlines (SIA) has cut down on its net losses to $409m in the first quarter (Q1) from $1.12b a year earlier.

SIA’s massive drop in net loss comes at the back of a 52.2% improvement in total revenue to $1.29b from $851m a year earlier.

The group’s revenue also saw a steady increase from a low base in the second quarter of 2020. In Q1, SIA got $6.2b from issuance of MCBs, and $800m from aircraft sale-and-leaseback transactions. 

The airline’s cargo business continued to be the outperformer on its business segment as cargo flown revenue grew by $214M year-on-year as the reinstatement of pax flights contributed to an increase in cargo capacity by 46.9% and loads carried by 68.2%.