.SingaporeAir warns of first yearly loss due to Covid19 and fuel hedging losses
The group also expects operating cash flows to remain negative during the ongoing quarter , since there are no definitive signs of the virus outbreak abating.
SIA is also in negotiations with aircraft manufacturers to adjust its delivery stream for existing aircraft orders, and is in talks with various suppliers to reschedule payments, it said. A significant reduction in bellyhold capacity globally has resulted in strong demand for freighter services, it said:"Although cargo capacity remains below pre-Covid-19 levels, we have seen an improvement in cargo yields during the final quarter of FY2020 and this is expected to sustain into the first quarter of FY2021."
SIA said it will continue to cut costs and conserve cash. It has set up an internal task force to review all aspects of its operations during this time, and to ensure that the group is ready to ramp up its services when air travel begins to recover.
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