SIA reports 1H net loss of $3.47 bil on non-cash impairment and 'sharp drop' in passenger carriage

Singapore Airlines (SIA) has reported a net loss of $3.47 billion for the 1HFY2020/2021 ended Sept 30, from its earnings of $205.6 million the year before.

This was due mainly by the deterioration in operating performance as well as an impairment of $1.33 billion on the carrying values of older generation aircraft. Some 26 aircraft were deemed as unnecessary to fleet requirements after the completion of a review of the .

The airline’s losses were also attributable to the $127 million charge from the liquidation of NokScoot, comprising mainly the impairment of seven Boeing 777 aircraft leased to the budget airline.