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SIA to record S$123.6m one-off charge following NokScoot's likely liquidation

Carrying value of SIA's investment fully written down earlier; NokScoot has not recorded full-year profit since its 2014 start

Published Fri, Jun 26, 2020 · 09:50 PM

Singapore Airlines

Singapore

SINGAPORE Airlines announced on Friday that it will record a total one-off charge of S$123.6 million for the first quarter ending June 30, in view of the likely liquidation of NokScoot, a 49-per-cent-owned associated company of Scoot Tigerair.

This comprises a S$106.9 million charge, mainly due to impairment of SIA's book value of seven Boeing 777-200 aircraft which had been leased to NokScoot, and provisions by Scoot of S$16.7 million to cover its share of liquidation and related costs.