Singapore Airlines (SIA) has reported a net loss of S$76 million for the first quarter ending June 30, 2026, marking its first quarterly deficit since 2022. This downturn occurred despite achieving a record revenue of S$5.7 billion, a 19.3% increase from the same period last year.
The primary factors contributing to this loss were a significant 78.5% surge in net fuel costs, totaling S$2.3 billion, and a S$42 million share of losses from Air India, in which SIA holds a 25.1% stake. The escalation in fuel expenses is largely attributed to the Middle East conflict, which began on February 28, 2026, leading to a more than doubling of jet fuel prices.
Despite these challenges, SIA's passenger numbers remained strong, with 10.9 million passengers carried during the quarter, a 6.3% increase from the previous year. Passenger yields rose by 12%, and cargo revenue grew by 33.5%, reflecting robust demand across these segments.
Looking ahead, SIA acknowledges the ongoing volatility in fuel prices due to geopolitical tensions and the impact of the Middle East conflict on global trade and supply chains. The airline continues to monitor these developments closely and is implementing measures to mitigate the financial impact, including adjusting airfares and cargo rates.
For a more detailed analysis of SIA's financial performance and the implications of its Air India stake, you can watch the following video: