Singapore Airlines says it’s spent S$4.4 billion out of S$8.8 billion raised in rights issue

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Use this oneFlag carrier Singapore Airlines said Wednesday in a statement filed with the city-state’s stock exchanged that it has spent S$4.4 billion of the S$8.8 billion it raised as the airline continues to suffer from the lockdown in international aviation as a result of the COVID-19 pandemic that has closed borders as governments implement quarantines to stem the spread of the virus.

The carrier told the exchange that it spent S$2.2 billion between 15 June and 14 August, bringing its total spent to S$4.4 billion. The airline said it spent S$1.1 billion on operating expenses, the settlement of maturing fuel hedging trades and ticket refunds following the cancellation of flights in view of the continuing border controls and travel restrictions. The company said it spent S$0.2 billion has been applied toward aircraft purchases and approximately S$0.9 billion to service debt, which included the redemption of SIA’s 10-year S$500 million Fixed Rate Notes on 9 July 2020 and repayment of funds previously drawn under certain lines of credit.

Singapore Airlines announced in late July that it lost S$1 billion (US$727 million) in the first quarter after the COVID-19 pandemic virtually shut down international aviation around the world. In a statement released after the close of trading, the company said its net loss hit S$1.12 billion and its passenger loads fell by an incredible 99.5 percent for the quarter. The company said earnings were also hit by the liquidation of its NokScoot affiliate that cost it S$127 million and which was mainly related to the non-cash impairment of seven Boeing 777 aircraft that had been leased to NokScoot.

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