SINGAPORE, July 28 — Singapore Airlines slipped into a first‑quarter net loss for the first time since 2022 as surging jet fuel costs and losses from Air India outweighed record revenue.
The carrier’s latest results, reported by Reuters, show that strong travel demand and rising yields were not enough to offset sharply higher operating expenses linked to the Middle East conflict.
Reuters said Singapore Airlines posted a net loss of S$76 million (RM269.5 million) for the quarter ended June 30, reversing a profit of S$186 million a year earlier and coming in far wider than the LSEG estimate for a S$4.3 million loss.
The airline last recorded a quarterly loss in the fourth quarter of FY2021/22 during the pandemic.
Quarterly revenue climbed 19.3 per cent year‑on‑year to a record S$5.71 billion, driven by strong passenger numbers and a 12 per cent rise in yields.
SIA and its budget arm Scoot carried 10.9 million passengers, an increase of 6.3 per cent, while cargo revenue rose 33.5 per cent to S$708 million on stronger yields and higher loads.
Net fuel costs surged 78.5 per cent to S$2.25 billion after jet fuel prices more than doubled following the outbreak of the Middle East conflict on February 28.
Operating profit fell to S$106 million, down 73.8 per cent from a year earlier.
The group’s bottom line was further weighed down by a S$42 million share of losses from Air India, in which SIA holds a 25.1 per cent stake.
Air India’s majority owner Tata Sons said on Monday that the carrier’s turnaround could take up to a decade.
