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BRIEF-Singapore Airlines Says SIA Group Expects A Net Loss For Full Year FY2019/2020

Reuters SG
·1-min read

May 8 (Reuters) - Singapore Airlines Ltd:

* SIA GROUP EXPECTS TO REPORT A MATERIAL OPERATING LOSS FOR FINAL QUARTER OF FY2019/2020

* COLLAPSE OF FUEL PRICES IN MARCH 2020 HAS LED TO FUEL HEDGING LOSSES ON CONTRACTS MATURING IN FINAL QUARTER OF FY2019/2020

* SIA AND SILKAIR HAVE EXTENDED THEIR COMBINED CAPACITY CUTS OF ABOUT 96% UNTIL END OF JUNE 2020

* SCOOT IS EXPECTING CAPACITY CUTS OF ABOUT 98%

* SIA GROUP EXPECTS TO REPORT A SMALL OPERATING PROFIT, BUT A NET LOSS, FOR FULL YEAR FY2019/2020

* SIA GROUP CURRENTLY EXPECTS OPERATING CASHFLOWS TO REMAIN NEGATIVE DURING ONGOING QUARTER (APRIL TO JUNE 2020)

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* ADDITIONAL FUEL HEDGING LOSSES MAY BE EXPECTED IN Q1 OF FY2020/2021

* IMPROVEMENT IN CARGO YIELDS EXPECTED TO SUSTAIN INTO Q1 OF FY2020/2021

* SIA GROUP HAS NO REQUIREMENT OR OBLIGATION TO PROVIDE CAPITAL TO VIRGIN AUSTRALIA

* CAPACITY CUTS BY SIA GROUP DUE TO COVID-19 HAS RESULTED IN IT BEING IN OVER-HEDGED POSITION EXPECTED FUEL CONSUMPTION FOR FY20/21

* SIA CONTINUES PAY CUTS OF UP TO 30% TAKEN BY ENTIRE MANAGEMENT TEAM

* CONTINUES TO PURSUE STEPS TO REDUCE COSTS AND CONSERVE CASH

* SIA DIRECTORS VOLUNTEERED A 30% CUT IN FEES

* IN NEGOTIATIONS WITH AIRCRAFT MAKERS TO ADJUST DELIVERY STREAM FOR EXISTING AIRCRAFT ORDERS DUE TO MARKET CONDITIONS

* AS AT 31 DEC 2019, SIA GROUP'S CARRYING VALUE IN VIRGIN WAS ZERO & HAS NO EXPOSURE TO FURTHER LOSSES INCURRED BY VIRGIN AUSTRALIA

* SIA GROUP HAS NO OUTSTANDING LOANS TO VIRGIN AUSTRALIA Source text for Eikon: Further company coverage: