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09 Feb 2021 | 10:58

Airbus, Boeing lose $3bn as Singapore Airlines defers spending

(Sharecast News) - Singapore Airlines Ltd said on Tuesday it would defer over $3.01bn of spending on Airbus SE and Boeing Co. planes after reaching agreements with the aircraft manufacturers to delay deliveries.

"The agreements with Airbus and Boeing are a key plank of our strategy to navigate the disruptions caused by the Covid-19 pandemic," Singapore Airlines Chief Executive Goh Choon Phong said.

"They allow us to defer capital expenditure and recalibrate the rate at which we add capacity, aligning both with the projected recovery trajectory for international air travel."

The airline cut its capital spending plans by S$2.2bn for the 2020-21 financial year ending 31 March, by S$1.7bn in 2021-22, with more limited reductions expected for the following three years.

Singapore Airlines last week posted a S$142m net loss in Q3 as passenger numbers plunged by 97.6% due to the pandemic.
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