Singapore Airlines swung to S$76 million Q1 loss as fuel costs surged
What's new: record S$5.7 billion revenue and 10.9 million passengers still could not offset a 78.5% jump in net fuel costs and deeper Air India losses.
Singapore Airlines posted a net loss of S$76 million for the quarter ended June 30, reversing a S$186 million profit a year earlier as higher fuel costs and losses from Air India cut into earnings. Revenue rose 19.3% to a record S$5.7 billion on strong travel demand, while the group carried a record 10.9 million passengers across Singapore Airlines and Scoot. But group expenditure climbed 27.9% to S$5.6 billion after net fuel costs jumped S$991 million, or 78.5%, to S$2.3 billion, pulling operating profit down 73.8% to S$106 million. The airline said jet fuel prices more than doubled after the Middle East conflict broke out on Feb. 28 and remain volatile, even after fare and cargo-rate increases.