Losses at struggling Air India helped to drag down profits at Singapore Airlines last year, even as the city-state’s flagship carrier reported record revenue and passenger traffic.
SIA reported a 57.4% drop in net income to 1.2 billion Singapore dollars ($927 million) for its 2025 fiscal year, which ended in March. Profits were partially eroded by a loss of 945 million Singapore dollars ($739 million) from SIA’s investment in Air India. The airline still reported record revenue of $20.5 billion, buoyed by strong global demand for air travel. SIA and its low-cost subsidiary Scoot carried 42.4 million passengers.
“We have been operating within India for a long time, so we know the market and how difficult it feels,” said CEO Goh Choon Pong at a May 15 press briefing, following the release of the company’s earnings the day before. Yet he claimed the market still holds “tremendous potential,” citing a growing middle class, set to surpass 800 million by 2047, and a proliferation of new airports.
SIA first ventured into India in 2013 through a joint venture with Tata Sons, setting up Vistara, a luxury carrier.
Tata later took over the beleaguered state-owned Air India in 2022, and appointed Campbell Wilson, a long-time SIA executive and CEO of Scoot, as its CEO. The Indian company then integrated Vistara into the national carrier, turning SIA’s 49% stake in Vistara into a 25.1% stake in the larger Air India group.
