SIA CEO makes $4.2m despite SIA incurring first full-year loss of $212m in 48-year history

[Faker]

SIA CEO Goh Choon Phong


According to the latest SIA annual report just released, SIA CEO Goh Choon Phong earned S$4,223,274 in last financial year ending on 31 Mar 2020.

This included a base salary of S$1,374,950, bonuses of S$1,046,967, shares of value S$1,643,940 and benefits of S$157,417.
In the previous financial year (FY2018/19), he earned a total of S$5.5 million:

Similarly, SIA non-executive Chairman Peter Seah also received remuneration in the last financial year. His total package came to S$800,895. In the previous financial year, his total remuneration was 809,519. He only received a marginal drop in remuneration for the last financial year.
Peter Seah currently is also the non-executive Chairman of DBS and sits on the board of GIC at the same time.
SIA suffers first full-year loss in 48-year history
For the FY19/20 financial year ending on 31 Mar 2020, SIA was reported to have lost S$212.0 million compared to earning a profit of S$682.7 million the previous financial year of FY18/19. Net loss per share was 17.9 cents in FY19/20 vs net gain per share of 57.4 cents the previous financial year.

This is the first full-year loss ever in the airline’s 48-year history — as the COVID-19 pandemic continues to decimate demand for global air travel (‘Singapore Airlines expects to incur first full-year loss in 48-year history‘).

In March this year, the rapidly deteriorating financial situation of SIA due to the COVID-19 crisis prompted Temasek Holdings to help save the national carrier.
Temasek announced it would be underwriting the sale of SIA shares and convertible bonds for up to S$15 billion. DBS would also be providing SIA with a bridging loan of S$4 billion until it gets the funds from the rights issue.
SIA massively cut its scheduled capacity and grounded majority of its aircraft. Some 10,000 staff were said to be affected. Many air crew were forced to turn to gig and part-time work as SIA’s business faltered.
A 27-year-old SIA flight attendant who declined to be named told reporters that he needs a part-time job to pay his rent. “I used to joke about working as a GrabFood delivery rider, now it seems like a possibility,” he lamented.
In any case, with the announcement of Temasek generously bailing out SIA, Goh said that he would take a 30 per cent pay cut starting from 1 Apr in the new financial year. At least Goh still has a job while the 27-year-old flight attendant has to do food delivery to survive.

 

[gingerlyn]

I believe SIA CEO has to return part of his pay to ‘somebody’

 

[Narong Wongwan]

The staff now also getting paid basic salary for not working. So why not the management?

 

[Rogue Trader]

He should do a Founder's and appeal to sinkies via whatsapp to save his biz

 

[Scrooball (clone)]

Did the flight attendant donate to poor Sinkies when he was earning high allowances and buying LV in Paris? Who did he vote for ?

 

[laksaboy]

After finishing his stint at SPH, Ng Yat Chung should go over to SIA and finish... er.... manage the airline company.

 

[laksaboy]

He should do a Founder's and appeal to sinkies via whatsapp to save his biz

Appeal to the Malays too.

 

[kiketerm]

if next 30 march is the same, then its time for questions. this COVID has made sure most of are not getting on a plane anytime soon

 

[batman1]

Heard Temasick pump in $18 billion to revive SIA from coma.

 

[syed putra]

So why did they seek $18 bil from gahmen?

 

[knowwhatyouwantinlife]

Fat cats will always be fat and tyranny loves good company...this is not a charity...I agree that general ng should be posted over to finish it off

 

[batman1]

Fat cats will always be fat and tyranny loves good company...this is not a charity...I agree that general ng should be posted over to finish it off

They will assign BG Ng to SIA do the coup de grace.

 

[millim6868]

CB , all these 自己人 really know how to pamper themsleves , CB , already almost bankrupt still take so much pay.That the PAPigs stype but 61% ppl loves it.They must make sure their masters must be denied of big bungalows big fancy cars and of cos good food with plenty of money to spend , while peasants have to fight with foreigners for jobs to put food on table.Really CB

 

[frenchbriefs]

4.2m is mediocre compared to dbs Gupta

 

[syed putra]

SIA CEO successfully raised $18 bil and should be aptly rewarded.

 

[nayr69sg]

Make loss still got bonus?

Wah lau eh.

 

[ToaPehGong]

SIA CEO Goh Choon Phong earned S$4,223,274 in last financial year ending on 31 Mar 2020.

He must be complaining he could have gotten 5.5 million instead. Greed never stop in the millions, billions or trillions.

 

[sweetiepie]

KNN sinkie per peasant of $25k including babies money is given to them KNN supposedly a family of 1 couple + 2 child gets total about $2k the other $25k×4 - $2k = $98k goes to them KNN

 

[tanahcow]

Did the flight attendant donate to poor Sinkies when he was earning high allowances and buying LV in Paris? Who did he vote for ?

K.N.N.

Pay rent?

Not living in PigeonHoles like the Poor Us?

Then good -- he can be a Grab delivery man.

 

[birdie69]

4.2m is mediocre compared to dbs Gupta

He would have received $40m pay check if he had not caused heavy losses in SIA by hedging wrongly in oil price.