The Singapore Airlines (SIA) Group reported a net loss of AU$84 million (S$76 million) for the first quarter of FY2026/27, as a 78.5 per cent rise in net fuel costs outweighed record quarterly revenue of AU$6.34 billion (S$5714 million).
Revenue rose 19.3 per cent year-on-year, or AU$1.03 billion (S$924 million), driven by strong demand and a 12 per cent increase in passenger yields. SIA and low-cost subsidiary Scoot carried a record 10.9 million passengers during the quarter, up 6.3 per cent, though group passenger load factor eased 0.5 percentage points to 87.1 per cent as capacity growth of 5.9 per cent outpaced traffic growth of 5.3 per cent. Cargo revenue rose 33.5 per cent to AU$786 million (S$708 million).
Group expenditure rose 27.9 per cent, driven mainly by a AU$1.1 billion (S$991 million) increase in net fuel costs following jet fuel price rises linked to the Middle East conflict that began in February. Fuel costs before hedging more than doubled, partly offset by a swing from a hedging loss the previous year to a AU$417 million (S$376 million) hedging gain this quarter. Operating profit fell AU$332 million (S$299 million) to AU$118 million (S$106 million), and the group’s net result was further affected by a larger share of losses from its Air India investment.
The group’s balance sheet remained strong, with cash and bank balances of AU$10.1 billion (S$9.1 billion) as at 30 June, and total shareholders’ equity of AU$18.4 billion (S$16.59 billion).
SIA confirmed it would strengthen its Australian network in coming months, with additional frequencies to Adelaide from 25 October and the start of daily services to the new Western Sydney International Airport from November, taking SIA’s total Sydney services to five times daily. Under its partnership with Air New Zealand, the two carriers will also increase joint capacity to New Zealand, including new non-stop Christchurch services operated by Air New Zealand.
Elsewhere in the network, SIA will launch five-times-weekly services to Madrid via Barcelona from 26 October, its 15th European destination, and will increase capacity to Milan and Munich during the northern winter season. Scoot suspended flights to Jeddah on 14 July following an escalation in the Middle East conflict, while SIA’s Dubai services remain suspended and its planned launch of Riyadh services has been deferred to December.
The airline said it would unveil a new in-flight travel experience later in 2026, including updated long-haul cabin products, a refreshed KrisWorld entertainment system and new amenity kits, and would progressively introduce Starlink satellite broadband from 2027.
