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MarketScreener Homepage  >  Equities  >  Singapore Stock Exchange  >  Singapore Airlines Limited    C6L   SG1V61937297

SINGAPORE AIRLINES LIMITED

(C6L)
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Singapore Airlines : slashes 4,300 jobs due to COVID-19 impact

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09/10/2020 | 10:48am EDT

The Singapore Airlines Group said on Thursday that it is potentially slashing around 4,300 jobs across its three airlines due to the fallout of the COVID-19 pandemic.

"This decision was taken in light of the long road to recovery for the global airline industry due to the debilitating impact of the COVID-19 pandemic, and the urgent need for the Group's airlines to adapt to an uncertain future," it said.

It will be effected across the group's three airlines -- Singapore Airlines Ltd., SilkAir (Singapore) Pte. Ltd. and Scoot Tigerair Pte Ltd.

The actual number of local and overseas employees affected by the latest job cuts is about 2,400, as 1,900 positions had already been eliminated due to measures such as a recruitment freeze, natural attrition, and voluntary departure schemes.

The group's airlines employed around 21,300 staff as of March.

"Relative to most other major airlines in the world, the SIA Group is in an even more vulnerable position. This is because we do not have a domestic market which, as demonstrated in many countries, is the first to see a recovery in air traffic," chief executive Goh Choon Phong said.

The SIA Group is currently operating at only 8 percent of its capacity compared with pre-pandemic levels. It expects to operate at less than 50 percent of its capacity by the end of the financial year on March 31 next year, and with a smaller fleet and a reduced network in the coming years.

To ensure sufficient liquidity to meet its cash flow requirements since the pandemic, it has so far raised S$11 billion (US$8 billion) of equity and debt.

==Kyodo

© Kyodo News International, Inc., source Newswire


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Financials
Sales 2021 6 738 M 4 951 M 4 951 M
Net income 2021 -2 867 M -2 106 M -2 106 M
Net Debt 2021 11 719 M 8 610 M 8 610 M
P/E ratio 2021 -3,85x
Yield 2021 0,16%
Capitalization 10 733 M 7 885 M 7 886 M
EV / Sales 2021 3,33x
EV / Sales 2022 1,88x
Nbr of Employees 28 160
Free-Float 99,0%
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Mean consensus HOLD
Number of Analysts 14
Average target price 3,51 SGD
Last Close Price 3,62 SGD
Spread / Highest target 10,5%
Spread / Average Target -2,91%
Spread / Lowest Target -25,1%
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Managers
NameTitle
Choon Phong Goh CEO & Non-Independent Executive Director
Lim Huat Seah Independent Non-Executive Chairman
Swee Wah Mak Executive Vice President-Operations
Kai Ping Tan Executive Vice President-Finance & Strategy
Wei Jun Wang Senior Vice President-Information Technology
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