By Ronnie Harui

Singapore Airlines Ltd. swung to a net loss in the first quarter, as travel demand evaporated due to travel restrictions and border controls imposed worldwide due to the Covid-19 pandemic.

For the first quarter, the Singaporean airline reported a net loss of 1.12 billion Singapore dollars ($812.12 million), compared with a net profit of S$111 million a year earlier.

Singapore Airlines' revenue for the first quarter was S$851 million, lower than S$4.10 billion reported a year earlier.

Last week, the carrier said it has raised an additional S$750 million in long-term loans as it sought to bolster liquidity in the face of the pandemic. It said it has raised a total of S$1.65 billion from secured financing since the start of the current fiscal year.

Like many carriers around the world, Singapore Airlines has been hit hard by the pandemic and resulting travel restrictions. The airlines said Wednesday that the recovery trajectory in international air travel is slower than initially expected, and that the group's passenger capacity may reach less than half of its pre-Covid-19 levels by the end of this fiscal year.

Singapore Airlines also said its current review of its overall network may result in an impairment of carrying values of older aircraft which would account for around S$1 billion. 



  Write to Ronnie Harui at ronnie.harui@wsj.com