Aviation

Singapore Airlines posts first-ever annual loss on fuel hedges, virus

SYDNEY: Singapore Airlines Ltd on Thursday reported its first-ever annual loss due to poor fuel hedging bets and a collapse in demand driven by the coronavirus pandemic.

The airline, a bellwether for premium travel in Asia, swung to a S$212 million ($149.14 million) net loss in the financial year ended March 31, down from a S$683 million profit a year earlier.

In the fourth quarter, it lost S$732 million, down from a S$203 million profit the prior year. It did not declare a dividend.

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