With the aviation industry in deep crisis due to the pandemic, airlines have turned to alternative ways to raise cash, from offering "flights to nowhere" to tours of aircraft.

AFP

Singapore Airlines on November 6 reported a record net loss for its fiscal second quarter as the carrier continued to reel from the impact of the coronavirus pandemic on global air travel.

The airline, which has shed thousands of jobs and grounded much of its fleet, said its net loss in July-September totalled Sg$2.34 billion ($1.7 billion), down from a net profit of Sg$94.5 million in the same period the year before.

Revenue for the quarter plunged 81.4 percent to Sg$783.8 million, the airline said in a statement.

COVID-19 Vaccine

Frequently Asked Questions

How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

Show

related news

First half net losses totalled Sg$3.47 billion.

"The recovery from the Covid-19 pandemic is likely to remain patchy, given the new waves of infections around the world and concerns about imported cases," it said.

The carrier added that it had concluded talks with Airbus on a revised schedule for the delivery of aircraft orders and similar negotiations with Boeing were at an "advanced stage".

Last month the firm said it was cutting about 4,300 jobs -- around 20 percent of its workforce.

With the aviation industry in deep crisis due to the pandemic, airlines have turned to alternative ways to raise cash, from offering "flights to nowhere" to tours of aircraft.

Singapore's flag-carrier scrapped earlier plans for no-destination flights following an outcry over the potential environmental impact.

But it offered passengers the chance to dine on board two parked A380 superjumbos -- the world's biggest passenger jet -- and is also offering home deliveries of plane meals.

Industry body the International Air Transport Association (IATA) estimates that airlines operating in the Asia-Pacific region stand to lose a combined $27.8 billion this year.

IATA forecast in July that global air traffic is unlikely to return to pre-coronavirus levels until at least 2024 -- a year later than previously projected.

Follow our full coverage of the coronavirus pandemic here.

Singapore Airlines suffers record loss as coronavirus hits aviation

With the aviation industry in deep crisis due to the pandemic, airlines have turned to alternative ways to raise cash, from offering "flights to nowhere" to tours of aircraft.

related news

tags #Business #coronavirus #Singapore Airlines #World News