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- Nov 20, 2002
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Singapore Airlines reports first-ever quarterly loss
The Associated Press
Published Wednesday, July 30th, 2003
SINGAPORE (AP) - Singapore Airlines reported its first-ever quarterly net loss Wednesday due to the combined effect of the Iraq war and the outbreak of SARS.
The airline, Asia''s biggest by market capitalization, lost $178 million between April and June, compared with profits of $273 million during the same period last year.
Revenue fell 35 percent to $942 million from $1.45 billion.
The company said the outlook was still uncertain for the next quarter as well as the rest of the year.
Singapore Airlines had long been one of the most profitable carriers in Asia. The losses have been blamed on weak demand for flights, stemming from the war in Iraq and the outbreak of severe acute respiratory syndrome in Asia.
The airline slashed as many as 358 weekly flights in April and May when the virus was at its peak, and started to slowly reinstate them in late June.
Singapore Airlines said earlier this month that it''s been losing $3.42 million daily since April because SARS.
In a bid to cut costs, the carrier laid off 182 pilots and flight attendants in July and 414 ground staff in June.
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...who would have thought?
The Associated Press
Published Wednesday, July 30th, 2003
SINGAPORE (AP) - Singapore Airlines reported its first-ever quarterly net loss Wednesday due to the combined effect of the Iraq war and the outbreak of SARS.
The airline, Asia''s biggest by market capitalization, lost $178 million between April and June, compared with profits of $273 million during the same period last year.
Revenue fell 35 percent to $942 million from $1.45 billion.
The company said the outlook was still uncertain for the next quarter as well as the rest of the year.
Singapore Airlines had long been one of the most profitable carriers in Asia. The losses have been blamed on weak demand for flights, stemming from the war in Iraq and the outbreak of severe acute respiratory syndrome in Asia.
The airline slashed as many as 358 weekly flights in April and May when the virus was at its peak, and started to slowly reinstate them in late June.
Singapore Airlines said earlier this month that it''s been losing $3.42 million daily since April because SARS.
In a bid to cut costs, the carrier laid off 182 pilots and flight attendants in July and 414 ground staff in June.
-------------------------------------------------
...who would have thought?
