Singapore Airlines (SIA) has reported a net loss of S$76 million for the first quarter ending June 30, 2026, a significant turnaround from the S$186 million profit recorded in the same period last year. This marks the airline's first quarterly loss since the COVID-19 pandemic.
The downturn is primarily attributed to a sharp 78.5% increase in net fuel costs, amounting to S$991 million. This surge is linked to the Middle East conflict that began on February 28, 2026, which more than doubled jet fuel prices. Despite this, SIA's revenue reached a record S$5.7 billion, a 19.3% increase from the previous year, driven by strong travel demand and a 12% rise in passenger yields.
Operating profit fell to S$106 million, down 73.8% from the previous year. Additionally, the airline's share of losses from Air India, in which SIA holds a 25.1% stake, contributed S$42 million to the net loss. SIA has acknowledged the challenges posed by the Middle East conflict and is working to mitigate the impact of higher fuel prices through fare adjustments and cargo rate increases.
Looking ahead, SIA remains committed to its growth strategy, focusing on expanding its network and enhancing service offerings. The airline continues to monitor geopolitical developments and their potential effects on the aviation industry.