Shares of Singapore Airlines plunged after the carrier reported a 59% decline in earnings for the first quarter of its financial year.
SIA stock fell more than 8% and logged the largest intra-day decline since August 2024, data from LSEG showed. It is currently trading 7.11% lower.
Net profit fell to 186 million Singapore dollars ($144 million) for the quarter ended June 30, according to the company’s earnings report. The drop was attributed to reduced interest income and losses from its associates.
Its operating profit in the first quarter also fell 13.8% to S$405 million year over year.
“In addition to the lower operating profit, the reduction in net profit was largely attributable to a lower interest income on the back of lower cash balances and interest rate cuts, and the Group recording a share of losses of associated companies compared to a share of profits for the same quarter last year,” SIA said in its earnings statement.
