SINGAPORE - National carrier Singapore Airlines saw its full-year operating profit plummet by 94.5 per cent compared with the year before, as the coronavirus pandemic grounded planes and brought most of global travel to a halt.
"The deterioration in operating performance from January to March 2020 eroded the improvements made in the first nine months of the year," said SIA on Thursday . But as fears about the virus spread globally in recent months, SIA saw a steep drop in passenger traffic that led to a drastic 21.9 per cent decline in revenue for the fourth quarter, compared to the corresponding period last year.
Fuel prices also plunged unexpectedly amid the oil price war between Saudi Arabia and Russia, which led to a supply glut.
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