"This includes any modifications to our in-flight products and end-to-end service delivery to provide additional health and safety assurances to our customers and our crew," said SIA yesterday.
The sudden turn in fortunes came in the last quarter - the group had in fact racked up a strong performance in the preceding nine months, driven by robust passenger traffic numbers and business transformation initiatives.As a result, it swung into an operating loss of $830 million in the fourth quarter, a reversal from the $253 million profit a year earlier.
Fuel prices also plunged unexpectedly in the fourth quarter amid the oil price war between Saudi Arabia and Russia, which led to a supply glut.Furthermore, the expected capacity cuts in the new financial year will mean lower fuel consumption than anticipated, causing the group to be in an over-hedged position.
SIA is undertaking a rights issue to raise gross proceeds of $8.8 billion through the sale of rights shares and rights mandatory convertible bonds. It can also issue up to an additional $6.2 billion through additional mandatory convertible bonds. SIA shares hit a 30-year low of $3.74 ahead of yesterday's results before closing down 4.75 per cent at $3.81. -
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Source: The Straits Times - 🏆 8. / 63 Read more »