There is no way around it. The COVID-19 pandemic has brought the airline industry to its knees.
All over the world, airline companies are reeling from the adverse impact arising from border closures and lockdowns.
Singapore Airlines Limited (SGX: C6L), or SIA, is no exception.
The group announced last month that it will operate just 7% of its scheduled capacity for August, up marginally from 6% in July.
As countries slowly open up, SIA hopes to be able to add more routes gradually, though it has been an arduous task managing the fallout from the pandemic.
Case in point, the carrier had cancelled 96% of all scheduled flights between late-March to end-May due to worldwide restrictions on air travel alongside a plunge in demand.
As a result, the airline moved to shore up its balance sheet in late March by conducting a massive 3-for-2 rights issue at S$3.00 per share.