SINGAPORE - Singapore Airlines Group reported its first quarterly net loss since 2022.
The group posted a S$75.8 million net loss for the three months ended June 30, 2026, reversing a S$186.1 million profit a year earlier, according to its unaudited first-quarter results released July 28. Revenue rose 19.3% to a quarterly record of S$5.71 billion.
Singapore Airlines and budget carrier Scoot carried a record 10.921 million passengers during the quarter, up 6.3% from a year earlier. Passenger revenue increased 18.6% to S$4.58 billion, while passenger yield rose 12% to 11.2 Singapore cents per revenue passenger-kilometre.
June operating results showed the two airlines carried 3.7 million passengers in the final month of the quarter.
Capacity expanded slightly faster than traffic, however. Available seat-kilometres increased 5.9%, compared with a 5.3% rise in revenue passenger-kilometres, pushing the group passenger load factor down 0.5 percentage points to 87.1%. Scoot’s passenger count rose 10.8%, while Singapore Airlines recorded 4.1% growth.
Cargo also contributed to higher revenue. Cargo revenue increased 33.5% to S$708 million, supported by a 28.1% rise in yield. The cargo load factor improved 1.9 percentage points to 58.8%.
Costs rose faster than revenue. Total expenditure climbed 27.9% to S$5.61 billion, led by a S$991 million increase in net fuel costs to S$2.25 billion. Fuel costs before hedging more than doubled, although a S$376 million hedging gain partly offset the increase. Operating profit fell 73.8% to S$106 million.
SIA attributed the fuel-price spike to the Middle East conflict that began on Feb. 28. The quarterly result was also reduced by a S$42 million year-on-year increase in the group’s share of Air India losses, while lower tax expense provided a partial offset. SIA holds a 25.1% stake in the Air India Group.
The group said demand for air travel remained robust and cargo demand resilient, but warned that sustained elevated fuel prices were adding significant cost pressure. Fare and cargo-rate adjustments had not fully offset the higher fuel bill.
The group ended June with S$10.48 billion in cash and long-term fixed deposits, along with S$3.24 billion in undrawn committed credit lines. Earlier reports are available in SIA’s financial results archive.
