Singapore Airlines records first quarterly loss since pandemic as fuel costs surge

Singapore Airlines (SIA) posted a net loss of S$76 million (AU$84 million) in the first quarter of FY2026/27, its first quarterly loss since the COVID‑19 pandemic. The loss came despite record revenue of S$5.71 billion (AU$6.34 billion), a 19.3% year‑on‑year increase driven by strong passenger demand and higher yields.

The downturn was largely caused by a 78.5% rise in net fuel costs linked to the Middle East conflict, which more than doubled fuel expenses before hedging. Losses from SIA’s 25.1% stake in Air India added S$42 million to the deficit. Operating profit fell 73.8% to S$106 million and the group’s cash balance remained strong at AU$10.1 billion.

SIA also announced network expansion in Australia, adding new frequencies to Adelaide from 25 October and a daily service to the new Western Sydney International Airport from November, raising Sydney flights to five daily. Under its partnership with Air New Zealand, joint capacity to New Zealand will increase, and the airline will launch five‑times‑weekly services to Madrid via Barcelona from 26 October. Scoot suspended flights to Jeddah, Dubai services stay suspended, and the planned Riyadh launch is delayed to December.