By Kimberley Kao and Amanda Lee
Singapore Airlines reported its first quarterly net loss since 2022 despite record revenue, dragged down by soaring jet-fuel prices amid Middle East tensions and mounting losses from Air India.
The city-state's flag carrier said Tuesday that it swung to a net loss of 75.8 million Singapore dollars, equivalent to US$58.7 million, for the three months ended June, from net profit of S$186.1 million a year earlier.
Operating profit dropped 74% to S$105.5 million due to a 78.5% jump in net fuel costs amid the war in the Middle East.
A higher share of losses from Air India, in which Singapore Airlines holds a 25.1% stake, also hurt its bottom line.
