This is why we need more CECA's.

[syed putra]

https://www.bloomberg.com/

Photographer: Nicky Loh/Bloomberg
Business
Singapore Air Goes Through Half of Cash Raised in Two Months
By
Kyunghee Park
20 August 2020, 09:31 GMT+8Updated on 20 August 2020, 16:07 GMT+8
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In this article
280456Z
INTERNATIONAL AIR TRANSPORT
Private Company
SIA
SINGAPORE AIRLIN
3.62
SGD
+0.00+0.00%
293
CATHAY PAC AIR
5.47
HKD
+0.02+0.37%
QAN
QANTAS AIRWAYS
3.76
AUD
+0.00+0.00%
Singapore Airlines Ltd. has burned through half of the S$8.8 billion ($6.4 billion) it raised through share sales in just two months, highlighting how carriers’ expenses keep incurring even as planes are grounded.


Of the S$4.4 billion spent since mid-June, S$1.1 billion was used for operating expenses, maturing fuel-hedging trades and ticket refunds from canceled flights due to the coronavirus pandemic, the airline said Wednesday. About S$900 million was spent to service debt and S$200 million to buy aircraft.


Singapore Airlines raised the funds in June after the outbreak and resulting border restrictions decimated travel demand. The airline industry is unlikely to recover fully before 2024, the International Air Transport Association said last month.


The airline also used the proceeds to repay a bridge-loan facility of about S$2 billion that it had taken to cover expenses from March until the fundraising was completed.


The proceeds spent during the two months to Aug. 14 are almost equivalent to the combined net losses made by Singapore Airlines, Cathay Pacific Airways Ltd. and Qantas Airways Ltd. in the first half. To curb costs, the Singaporean carrier has slashed salaries and put staff on unpaid leave as it operates at less than 10% of capacity.


Singapore Airlines posted a first-half loss of S$1.85 billion as the pandemic wiped out passenger traffic. Cathay Pacific lost HK$9.9 billion ($1.3 billion) and Qantas A$1.96 billion ($1.4 billion).

 

[CPTMiller]

https://www.bloomberg.com/

Photographer: Nicky Loh/Bloomberg
Business
Singapore Air Goes Through Half of Cash Raised in Two Months
By
Kyunghee Park
20 August 2020, 09:31 GMT+8Updated on 20 August 2020, 16:07 GMT+8
SHARE THIS ARTICLE
Share
Tweet
Post

Email
In this article
280456Z
INTERNATIONAL AIR TRANSPORT
Private Company
SIA
SINGAPORE AIRLIN
3.62
SGD
+0.00+0.00%
293
CATHAY PAC AIR
5.47
HKD
+0.02+0.37%
QAN
QANTAS AIRWAYS
3.76
AUD
+0.00+0.00%
Singapore Airlines Ltd. has burned through half of the S$8.8 billion ($6.4 billion) it raised through share sales in just two months, highlighting how carriers’ expenses keep incurring even as planes are grounded.


Of the S$4.4 billion spent since mid-June, S$1.1 billion was used for operating expenses, maturing fuel-hedging trades and ticket refunds from canceled flights due to the coronavirus pandemic, the airline said Wednesday. About S$900 million was spent to service debt and S$200 million to buy aircraft.


Singapore Airlines raised the funds in June after the outbreak and resulting border restrictions decimated travel demand. The airline industry is unlikely to recover fully before 2024, the International Air Transport Association said last month.


The airline also used the proceeds to repay a bridge-loan facility of about S$2 billion that it had taken to cover expenses from March until the fundraising was completed.


The proceeds spent during the two months to Aug. 14 are almost equivalent to the combined net losses made by Singapore Airlines, Cathay Pacific Airways Ltd. and Qantas Airways Ltd. in the first half. To curb costs, the Singaporean carrier has slashed salaries and put staff on unpaid leave as it operates at less than 10% of capacity.


Singapore Airlines posted a first-half loss of S$1.85 billion as the pandemic wiped out passenger traffic. Cathay Pacific lost HK$9.9 billion ($1.3 billion) and Qantas A$1.96 billion ($1.4 billion).

SIA so many fat cats.
No wonder once crisis come they crying for help
Their air fares use to be super expensive all this years.
Where did the income money go??

 

[millim6868]

SIA should go bsnkrupt feeding many foreigners n PRs n also feeding PAPigs kaki all grow fat slready n worse all rhese fat cats cannot perform that why so many so call GLC rrlated company all lose money sure bankrupt.All in the famillees.tks to 61 %.

 

[syed putra]

SIA should go bsnkrupt feeding many foreigners n PRs n also feeding PAPigs kaki all grow fat slready n worse all rhese fat cats cannot perform that why so many so call GLC rrlated company all lose money sure bankrupt.All in the famillees.tks to 61 %.

You need a airline to take our pampered elites to their holiday and shopping destinstion.

 

[maxxi]

Close down and outsource to China,India or Indo private entity.Crew work 120hrs for $800.Pilots should already have ATPL, rating and licences.

Lease all planes and buy pump price for fuel. Maintenance send to Pinoyland.All crew to stay at YMCA overseas minimun hrs.

 

[syed putra]

Maintenance send to Pinoyland

British airways upgrading their A380's at lufthansa facilities in philippines.