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So it may be S$5million or S$6million?
http://online.wsj.com/article/BT-CO-20100419-716941.html?mod=WSJ_latestheadlines
* APRIL 19, 2010, 10:48 P.M. ET
UPDATE: SIA Losing At Least S$4 Mln/Day From Airport Closures - Source
By Costas Paris
Of DOW JONES NEWSWIRES
SINGAPORE(Dow Jones)--Singapore Airlines Ltd. (C6L,SG) has been losing at least S$4 million per day since Thursday as a result of airport closures in Europe because of the volcanic eruption in Iceland, a person familiar with the situation said Tuesday.
"First estimates show a loss of a minimum S$4 million a day if you include no new bookings to affected destinations in Europe and accommodation costs for stranded passengers. But it could be higher," the person said.
Singapore Airlines has said it has yet to address its loss from cancelled flights, concentrating instead on ways to move stranded passengers to their destinations.
It operates 25 flights to and from Europe daily with more than 20 being cancelled since Thursday. The only two airports where it could fly were in Rome and Athens while a special flight to Barcelona took off Monday.
The carrier makes around 25% of its revenue from flights to Europe. It flies the Airbus A380 super jumbo to hubs like London, Zurich and Paris, which were all affected by the volcanic ash cloud.
"Until further clarity emerges, we do not recommend buying airlines at the moment. If the situation persists beyond one week, we will look to downgrade Singapore Airlines and Cathay Pacific," UOB KayHian said in a note to clients.
The research house has a "buy" call on both airlines.
-By Singapore Bureau, Dow Jones Newswires; 65 6415 4150; [email protected]
http://online.wsj.com/article/BT-CO-20100419-716941.html?mod=WSJ_latestheadlines
* APRIL 19, 2010, 10:48 P.M. ET
UPDATE: SIA Losing At Least S$4 Mln/Day From Airport Closures - Source
By Costas Paris
Of DOW JONES NEWSWIRES
SINGAPORE(Dow Jones)--Singapore Airlines Ltd. (C6L,SG) has been losing at least S$4 million per day since Thursday as a result of airport closures in Europe because of the volcanic eruption in Iceland, a person familiar with the situation said Tuesday.
"First estimates show a loss of a minimum S$4 million a day if you include no new bookings to affected destinations in Europe and accommodation costs for stranded passengers. But it could be higher," the person said.
Singapore Airlines has said it has yet to address its loss from cancelled flights, concentrating instead on ways to move stranded passengers to their destinations.
It operates 25 flights to and from Europe daily with more than 20 being cancelled since Thursday. The only two airports where it could fly were in Rome and Athens while a special flight to Barcelona took off Monday.
The carrier makes around 25% of its revenue from flights to Europe. It flies the Airbus A380 super jumbo to hubs like London, Zurich and Paris, which were all affected by the volcanic ash cloud.
"Until further clarity emerges, we do not recommend buying airlines at the moment. If the situation persists beyond one week, we will look to downgrade Singapore Airlines and Cathay Pacific," UOB KayHian said in a note to clients.
The research house has a "buy" call on both airlines.
-By Singapore Bureau, Dow Jones Newswires; 65 6415 4150; [email protected]
