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Singapore Air Reports Its Biggest-Ever Loss

  • Carrier posted deficit of S$2.3 billion for the second quarter
  • Figure impacted by jet impairment charges, fuel-hedge losses

Photographer: Roslan Rahman/AFP/Getty Images

Singapore Airlines Ltd. posted its biggest ever quarterly loss as the coronavirus decimated travel demand and fuel hedging and fleet impairment charges weighed on its bottom line.

The carrier reported a net loss of S$2.3 billion ($1.7 billion) for the three months ended Sept. 30 versus a S$94.5 million profit the same period a year ago, before Covid-19 spread around the world, closing borders and all but putting an end to international travel. Revenue plunged 81% to S$783.8 million, the carrier said in an exchange filing Friday.