State investment fund Temasek has thrown its weight behind a rescue package to help the carrier weather the pandemic. FMTNews Singapore
SINGAPORE: Singapore Airlines reported an annual loss of almost US$150 million Thursday, driven by the collapse in air travel caused by the coronavirus pandemic, and the latest sign of the outbreak’s devastating impact on the aviation sector.
The city-state’s flag carrier lost S$732 million in the fourth quarter, mainly due to a reduction in passenger revenue as the virus crisis exploded. The recent collapse in oil prices also led to S$710 million fuel hedging losses in the fourth quarter. The airline’s majority shareholder, state investment fund Temasek, has thrown its weight behind a rescue package to help the carrier weather the pandemic.
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