SIA announced that the second quarter, which ended on June 30 and was the first of the carrier’s 2020 fiscal year, resulted in a 1.123 billion Singapore dollar ($816 million) loss.
These losses come on the back of a 99.6% drop in passengers due to COVID 19.
SIA parked a majority of its fleet due to the pandemic, leaving just 32 aircraft in passenger service. The carrier also continues to operate its fleet of seven cargo-only aircraft, as well as using 33 converted passenger aircraft on cargo-only services.
The rest of the fleet is parked at Singapore Changi Airport and in Alice Springs, Australia.
The carrier has also been in discussions with OEMS regarding delayed deliveries on new aircraft that are on order. The airline has reached an agreement with Airbus and is in negotiations with Boeing.
SIA said in its results that the slowing of delivery schedules will help the airline in manage demand while also reducing outgoing cash flow. The airline group currently has nearly 150 aircraft on order, including the Boeing 777X, Boeing 737 MAX 8 and the Airbus A350-900.