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Healthcare

BRIEF-Singapore Airlines Says SIA Group Airlines' Passenger Carriage Down 60.4% In March

April 15 (Reuters) - Singapore Airlines Ltd:

* MARCH CARGO LOAD FACTOR WAS 5.7 PERCENTAGE POINTS HIGHER

* IN MARCH 2020, SIA GROUP’S AIRLINES RECORDED A 60.4% DECLINE IN PASSENGER CARRIAGE

* IN MARCH, SILKAIR’S PASSENGER CARRIAGE DECREASED BY 71.1% AGAINST A 58.5% CUT IN CAPACITY

* OPERATING LIMITED SCHEDULE WILL HAVE SEVERE IMPACT ON GROUP’S FINANCIAL PERFORMANCE

* GROUP MAY NEED TO EXTEND CAPACITY CUTS IF BORDER CONTROLS, TRAVEL RESTRICTIONS REMAIN IN PLACE

* MARCH PASSENGER LOAD FACTOR 55.7%

* OVERALL, COVID-19 OUTBREAK EXPECTED TO HAVE MATERIAL IMPACT ON SIA GROUP’S FINANCIAL PERFORMANCE IN Q4 OF FY 2019-20

* COLLAPSE IN PASSENGER TRAFFIC HAS HAD A SEVERE IMPACT ON SIA GROUP’S REVENUES

* GROUPS MARCH PASSENGER LOAD FACTOR 57.4%, DOWN 24.1 PERCENTAGE POINT

* REDUCTION IN PASSENGER OPERATIONS HAS, HOWEVER, SIGNIFICANTLY REDUCED OVERALL CARGO CAPACITY

* SIA HAS ALSO BEEN SELECTIVELY DEPLOYING PASSENGER AIRCRAFT ON CARGO- ONLY FLIGHTS TO MEET DEMAND FROM GLOBAL SUPPLY CHAINS

* ON CARGO FRONT, DEMAND HAS HELD UP AND FREIGHTER AIRCRAFT OPERATE AS PLANNED

* SCALE OF FLIGHT CUTS MEANS THAT SIA GROUP IS NOW IN OVER-HEDGED POSITION WITH RESPECT TO FUEL CONSUMPTION

* SURPLUS HEDGES WILL NEED TO BE MARKED TO MARKET AS AT 31 MARCH 2020 Source text for Eikon: Further company coverage:

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