Changi Airport suffers $945m loss in 2020 | Singapore Business Review - The Latest News, Headlines, Insight, Commentary & Analysis

Changi Airport suffers $945m loss in 2020

This reflects a 318% decrease from its $438m profit in 2021/20.

The Changi Airport Group recorded a net loss of $945m in the year ended 31 March 2020, largely due to the weaker performance of the airport during the course of the pandemic.

This was a 318% decline compared to the $438m profit recorded in the previous year.

“The enormous turbulence brought about by the global Covid-19 pandemic has decimated Changi’s air traffic and severely jolted the airport’s operations and future development plans,” Tan Gee Paw, Chairman of the CAG, said.

“Our global business, through our subsidiary CAI, was also not spared from the global impact of the pandemic, with its key investment in Brazil’s Tom Jobim International Airport continuing to face challenging market conditions,” he also said.

Passenger traffic in Changi Airport declined 98%, whilst the Tom Jobim International Airport, which the Group partially owns, saw its traffic decrease 83%.

The loss was also attributed to non-cash impairment and depreciation charges on the Tom Jobim Airport in Rio de Janeiro, Brazil.

Based on the assessment, a non-cash impairment charge of $442m was recorded in the financial year 2020/21. Of which, the Group’s 51% share was $225m.

The Group’s revenue amounted to $697m, reflecting a 78% drop. This was mitigated slightly by revenue from the cargo segment and e-commerce amongst other new revenue streams.

Despite this, the Group said its liquidity position remains healthy at $1.82b, as of 31 March 2021. It also raised $500m through a 10-year bond issuance on 4 May, priced at 1.88% per annum. It also has a revolving credit facility of $2b as additional source of liquidity.

Get Singapore Business Review - The Latest News, Headlines, Insight, Commentary & Analysis in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

This included one-off partial distribution of divestment gains of S$20m.
This is attributed to the lower rental reliefs to retail tenants at Festival Walk and higher average occupancy from IXINAL Monzen-nakacho Building.
The Tripartite Committee on Workplace Fairness targets to complete its work by H1 2022.
A total of 811 condos were sold in the last quarter, the highest since Q4 2010.
The SMAs are focused on global infrastructure projects.
The company said their income was driven by its latest acquisitions.
The Jobs Support Scheme has been extended to 18 August.
The bank is now allowing small- and medium-sized enterprises to avail the loan digitally.
And Health Ministry clarifies roadmap in treating COVID as endemic remains.
Inflation for all items meanwhile remained unchanged at 2.4% YoY.
SMEs that qualify for the UOB Start digital pack will be offered six months of free access.
This was supported by grants extended by the government, such as the Jobs Support Scheme.
The group’s profits after tax ballooned by as much as 138.4%.
It is comprised of a 10-, 20-, and 40-year USD Temasek Bonds.
This was linked to the higher average selling prices amidst rising coal prices.