SIA Group posts s$4.3 billion net loss after toughest year in its history

• Passenger traffic down 97.9% due to global restrictions on international travel
• Strong cargo revenues cushioned plunge in passenger contributions
• S$2.0 billion non-cash impairment charge largely on removal of 45 older aircraft
• Proposed issuance of additional mandatory convertible bonds to strengthen Group’s liquidity position in order to navigate crisis and secure future growth
• Transformation programme reinforces foundation for SIA Group to emerge stronger

The Covid-19 pandemic, which began to spread globally in February 2020, resulted in unprecedented restrictions on international air travel at the start of the financial year. Successive waves of Covid-19 infections and more virulent strains emerged over the course of the 12 months. As a result, the Singapore Airlines (SIA) Group’s passenger traffic (measured in revenue passenger-kilometres) shrank 97.9% in the financial year ended 31 March 2021 from a year before.