SINGAPORE (BLOOMBERG) - Singapore Airlines (SIA) burned through half of the $8.8 billion it raised through share sales in just two months, highlighting how carriers' expenses keep incurring even as the Covid-19 pandemic keeps planes grounded.. Read more at straitstimes.com.
SINGAPORE - Singapore Airlines burned through half of the $8.8 billion it raised through share sales in just two months, highlighting how carriers' expenses keep incurring even as the Covid-19 pandemic keeps planes grounded.
Of the $4.4 billion spent since mid-June, $1.1 billion was used for operating expenses, maturing fuel-hedging trades and ticket refunds from cancelled flights due to the coronavirus pandemic, the airline said on Wednesday . About $2 billion was used to repay a bridge loan facility, $900 million to service debt and $200 million to buy aircraft.
SIA raised the funds in June after the outbreak and resulting border restrictions decimated travel demand. The airline industry is unlikely to recover fully before 2024, the International Air Transport Association said last month. The proceeds spent during the two months to Aug 14 are almost equivalent to the combined net losses made by SIA, Cathay Pacific Airways and Qantas Airways in the first half. To curb costs, the Singaporean carrier has slashed salaries and put staff on unpaid leave as it operates at less than 10 per cent of capacity.
SIA posted a first-half loss of $1.85 billion as the pandemic wiped out passenger traffic. Cathay Pacific lost HK$9.9 billion and Qantas A$1.96 billion .
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