Singapore Airlines (SIA) released its 1QFY21 results this evening. SIA reported a 99.5% decline in passenger volumes which led to the headline $1bn net loss. While passenger volumes across its different segments fell by >99%, cargo performed better with a 55% fall in cargo and mail carried. Quite interesting to have your volumes decline by >50% but still be the best performing segment....
Ascott announced its results earlier today and it wasn't pretty. Ascott had earlier set out profit guidance that distributable income could drop between 55-65% and DPU could decline by 65-75% for 1H2020. Looking at the actual results, the guidance was fairly accurate as DI declined by 56% while DPU dropped by 69%. I believe the decline would have been even worse if Ascott had...
