Singapore Airlines’ net profit down 58.8% to $186m in Q1

SIA and Scoot carried a record 10.3 million passengers during the period.

Singapore Airlines (SIA) reported a net profit of $186m for the first quarter of FY2025/26, a 58.8% decline from the same period last year.

Operating profit was 13.8% lower at $405m, according to a bourse filing in July 2025.

SIA blamed the net profit decline to lower interest income and share of losses and associates.

“Passenger yields declined due to industry-wide capacity growth, whilst rising non-fuel costs from inflationary pressures offset lower fuel prices,” the airlines said in a press release.

Total revenue rose 1.5% to $4.79b compared to a year ago. Total expenditure fell 3.2% to $4.39b.

Despite economic and geopolitical uncertainties across the network, demand for air travel and cargo remained strong, SIA said. SIA and Scoot carried a record 10.3 million passengers, up 6.9% from the same quarter last year.

Group passenger load factor inched up 0.7 percentage point to 87.6% as traffic growth of 4.1% surpassed capacity expansion of 3.3%.

Passenger yields slipped 2.9% to 10.0 cents per revenue passenger-kilometre amidst heightened competition as more airlines continue to add capacity.

Cargo flown revenue fell by 1.9% to $10m (-1.9%), as yields deteriorated 4.4%.

Cargo load factor (CLF) declined by 0.8 percentage point (ppt) to 56.9% as cargo load growth
of 2.8% lagged capacity expansion of 4.2%.