Singapore Airlines retires 45 aircraft early

Report by : Gan Yung Chyan, KUCINTA SETIA

As part of the fleet adjustment plan, Singapore Airlines has retired 45 aircraft ahead of schedule, including 7 Airbus A380s, 4 777-200ERs, 4 777-300ERs, and 8 737-800s.

A few days ago, Singapore Airlines announced its results. For the fiscal year ending March 2021, Singapore Airlines had a cumulative loss of approximately S$4.3 billion (S$1 equals RMB 5). Singapore Airlines explained that although the strong performance of cargo operations has eased the impact of the sharp drop in passenger traffic, the 97.9% drop in passenger numbers due to global restrictions on international travel still caused heavy losses. The group's revenue fell 76.1% to S$3.816 billion in the previous fiscal year, and cargo operations revenue increased by 38.8% to S$2.709 billion. Singapore Airlines proposes to issue additional mandatory convertible bonds to raise about S$6.2 billion in funds to strengthen the group's liquidity situation.

In addition, according to Reuters, Singapore Airlines’ CFO said on Thursday that the company has reduced its monthly cash expenditure from S$350 million last year to S$100-150 million due to a sharp decline in travel demand.