SIA CEO Goh Choon Phong

According to the latest SIA annual report just released, SIA CEO Goh Choon Phong earned S$4,223,274 in last financial year ending on 31 Mar 2020.

This included a base salary of S$1,374,950, bonuses of S$1,046,967, shares of value S$1,643,940 and benefits of S$157,417.

In the previous financial year (FY2018/19), he earned a total of S$5.5 million:

Similarly, SIA non-executive Chairman Peter Seah also received remuneration in the last financial year. His total package came to S$800,895. In the previous financial year, his total remuneration was 809,519. He only received a marginal drop in remuneration for the last financial year.

Peter Seah currently is also the non-executive Chairman of DBS and sits on the board of GIC at the same time.

SIA suffers first full-year loss in 48-year history

For the FY19/20 financial year ending on 31 Mar 2020, SIA was reported to have lost S$212.0 million compared to earning a profit of S$682.7 million the previous financial year of FY18/19. Net loss per share was 17.9 cents in FY19/20 vs net gain per share of 57.4 cents the previous financial year.

This is the first full-year loss ever in the airline’s 48-year history — as the COVID-19 pandemic continues to decimate demand for global air travel (‘Singapore Airlines expects to incur first full-year loss in 48-year history‘).

In March this year, the rapidly deteriorating financial situation of SIA due to the COVID-19 crisis prompted Temasek Holdings to help save the national carrier.

Temasek announced it would be underwriting the sale of SIA shares and convertible bonds for up to S$15 billion. DBS would also be providing SIA with a bridging loan of S$4 billion until it gets the funds from the rights issue.

SIA massively cut its scheduled capacity and grounded majority of its aircraft. Some 10,000 staff were said to be affected. Many air crew were forced to turn to gig and part-time work as SIA’s business faltered.

A 27-year-old SIA flight attendant who declined to be named told reporters that he needs a part-time job to pay his rent. “I used to joke about working as a GrabFood delivery rider, now it seems like a possibility,” he lamented.

In any case, with the announcement of Temasek generously bailing out SIA, Goh said that he would take a 30 per cent pay cut starting from 1 Apr in the new financial year. At least Goh still has a job while the 27-year-old flight attendant has to do food delivery to survive.

 

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