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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
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Photographer: Roslan Rahman/AFP/Getty Images

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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.