Singapore Airlines Limited (SGX: C6L), or SIA, is set to release its full fiscal year 2021 (FY2021) earnings on 19 May after market close. Shares of the local carrier had rallied 50% in the six months leading up to late April due to renewed optimism regarding our fight against the COVID-19 virus. Since then, though, shares of the airline have tumbled around 17% from their peak to close at S$4.77. Looking ahead, investors should be looking to SIA for guidance on what to expect for the coming year. Here’s what investors should look out for when the airline reports its results next week.

Operating and net losses

In February 2021, the airline had reported a fiscal 2021 nine-month operating and net loss of S$2.2 billion and S$3.6 billion, respectively. Investors should expect more of the same for SIA’s fourth quarter as operating numbers remain depressed due to continued border closures....