Singapore Airlines on Wednesday reported a $1.12 billion first-quarter net loss after drastically cutting capacity due to the decline in demand and travel restrictions associated with the coronavirus pandemic.
The net loss compared with a $111 million profit in the three months ending June 30 the prior year.
Revenue plunged 79.3 per cent to $851 million during the quarter, the airline said in a statement.
Singapore Airlines this month had warned it would report a material operating loss in the first quarter, including fuel hedge losses from sinking oil prices.
ALSO READ: This is how travelling with Singapore Airlines will be like soon
For the latest updates on the coronavirus, visit here.
