Singapore Changi Airport has warned ahead of “a period of crisis” as the effects of Corona 19 show no signs of diminishing.
The Asia Transit Hub has been named the best airport in the world for the eighth consecutive year.
Changi ceased operations at two terminals as flights fell to record lows.
It also stopped construction of Terminal 5 for at least two years.
“The fight against Covid-19 has just begun,” said Changi Airport Group in its annual report. “The future seems overwhelming with no signs of diminishing.”
The company’s annual performance covers the period until the end of March 2020. This is a missed out on a serious downturn in passengers since the pandemic in January. Singapore banned short-term visitors entry and transit on March 23rd.
However, that month’s impact still had a big impact, removing the initial gains that had accumulated over many years of 2019. Profit is S$435m ($319m, £246m) down 36%.
In 2020, Changi was named the best airport in the world for the eighth consecutive year, according to the rankings of UK-based analyst Skytrax.
Last year, Changi Airport opened Jewel, a 1.5m square foot (14ha) shopping and entertainment complex. It includes shops and attractions, including rainforest, fenced maze, and the world’s tallest indoor waterfall.
This new complex hit Singapore $3.1 billion, a 2.6% increase in revenue, easing the hit from the visitor stagnation.
“Jewel is Singapore’s new icon and redefines what it means to be an airport,” added Changi Airport Group.
However, the group still paints the grim picture of international travel hubs, and says the recovery “is highly dependent on how countries around the world manage border controls, mitigating air travel requirements, and developing viable treatments for the virus.” .
Last week, American airlines began firing thousands of workers after Congress ceased to negotiate new economic relief plans.
And this month, the air trade agency International Air Transport Association (IATA) lowered its 2020 traffic forecasts after “the dark end of the summer travel season.”
IATA projects at least 2024 for air traffic to reach pre-epidemic levels.
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