Singapore Airlines Group reported a net loss of S$76 million (about US$59 million) for the quarter ended June 30, its first quarterly loss since 2022, even as revenue climbed to a record S$5.71 billion. The carrier said a sharp jump in fuel costs tied to the Middle East conflict overwhelmed otherwise strong passenger and cargo demand.
Group expenditure rose nearly 28% year over year, driven largely by a 78.5% increase in net fuel costs after jet fuel prices spiked in the wake of regional tensions. The airline’s fuel bill alone grew by roughly S$767 million compared with the same period last year.
Singapore Airlines also absorbed a larger share of losses from Air India, in which it holds a significant stake, adding further pressure to the bottom line. Despite the loss, the airline said forward bookings remain strong and it has no plans to scale back its route network or aircraft orders.
The results echo a broader trend among global carriers this summer, with several major airlines citing fuel costs as a primary drag on profitability even as ticket demand stays robust. Travelers may see fuel surcharges reflected in fares on long-haul routes if jet fuel prices remain elevated into the fall booking season.
Sources: Simple Flying, The Star
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