Singapore Airlines’ shares fell to their lowest price in more than 21 years after the carrier posted its biggest quarterly loss ever. YahooFinance
Shares fell as much as 5.1% to S$3.35, the lowest intraday price since September 1998, and traded at S$3.39 as of 10:48 a.m. in Singapore. The stock, which has declined by almost half this year, is the worst performer Thursday on a Bloomberg gauge of carriers in the Asia Pacific region.
The net loss in the three months to June was S$1.12 billion , compared with net income of S$111 million a year earlier. Sales dropped 79% to S$851 million, and traffic measured by revenue passenger per kilometre sank 99.5%. The carrier’s fuel hedging policy led to a S$535 million loss in the quarter, while there was also a S$127 million hit from the liquidation of NokScoot Airlines Co. Singapore Airlines owned a 49% stake in the low-cost Thai carrier that collapsed in June.
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