Singapore Airlines (SIA) shares fell as much as 8.7% to $6.94 within the first hour of trading on July 29, after the flag carrier posted nearly 59% lower net profit for 1QFY2026 ended June 30 after trading hours yesterday.
SIA shares opened 5.9% lower at $7.15 after closing at $7.60 on July 28. SIA shares, which had rallied some 18% year to date to a 52-week high of $7.63 prior to the release of the quarterly results on July 28, erased three weeks’ worth of gains to trade at $7.04 at 10am.
While group revenue increased 1.5% y-o-y to $4.79 billion during the quarter, SIA’s net profit for the quarter fell 58.8% y-o-y to $186 million on $61 million lower interest income and losses from 25.1%-owned Air India, whose financial results were not part of SIA’s results for the same quarter last year.
SIA group started equity accounting for Air India’s financial performance from December 2024 following the full integration of Vistara into Air India.
During the quarter, SIA and Scoot carried a record 10.3 million passengers, up 6.9% y-o-y, and the group passenger load factor grew 0.7 percentage points.
Passenger yields slipped 2.9% to 10 cents per revenue passenger-kilometre amid heightened competition as more airlines continue to add capacity.
See also: SIA earnings down 58.8% y-o-y for 1QFY2026 to $186 mil from lower interest income
In 1QFY2026, group expenditure rose 3.2% y-o-y to $4.39 billion in the quarter mainly due to higher non-fuel expenditure, which was driven by the 3.7% rise in overall capacity and inflationary pressures on key cost elements.
SIA is the top loser among Straits Times Index (STI) constituents as at 10am, with its decline outpacing SATS (-2.07%) and Seatrium (-1.65%).
Read more about SIA's 1QFY2026 results:
