SIA Group, the parent company of Singapore Airlines, has posted a loss of NZ$1 billion for the first quarter of 2020 following a drop of 99.5 percent in passenger traffic due to the COVID-19 pandemic.
The SIA Group is made up of legacy airline Singapore Airlines, Silk Air - which services South East Asia - and Scoot, the company's low cost, long-haul carrier.
The beginning of the first 2020 financial quarter was also the beginning of the most disruptive period in the history of aviation.
COVID-19 saw passenger loads drop to almost zero as borders closed and travel restrictions were put in place around the world.
- Singapore Airlines passenger numbers fell by 99.4 percent
- SilkAir's passenger numbers were 99.8 percent lower than 2019 figures
- Scoot had the worst period, reporting it carried 0.01 percent of the number of passengers it serviced in the same period last year
The numbers resulted in a 99.5 percent decline for the SIA Group as a whole.
With no passengers, the airline has almost no income. Revenue declined by 79.3 percent to NZ$929 million for the quarter.
Strong demand for urgent movements of personal protective equipment, pharmaceuticals and fresh foods saw a significant increase in cargo revenue, which somewhat softened the blow to the bottom line.
SIA Group forecasts passenger numbers by the end of the second financial quarter to be approximately 7 percent compared to pre-COVID-19 levels.
Out of the 220 aircraft operated by the SIA Group, only a handful are in operation.
- 32 aircraft are deployed on passenger services.
- 7 freighters are operational
- 33 passenger aircraft are operating cargo-only services
- 119 aircraft are parked at Singapore Changi Airport and 29 are stored in Alice Springs
SIA Group has begun a series of changes and reviews including merging Singapore Airlines with SilkAir, and assessing the commercial viability of the Airbus A380.