SIA shares tumble 6.8% after first-quarter profit slide
SIA results were hit by its share of losses from associate Air India, although the Singapore business did well.
SINGAPORE - Shares of Singapore Airlines slumped in morning trading on July 29, as the market reacted to the announcement of the airline group's 59 per cent drop in first-quarter earnings.
The carrier's shares fell as much as 8.6 per cent, or 65 cents, to $6.95 minutes after the opening bell.
The stock pared losses to trade at $7.08, down 6.8 per cent or 52 cents, as at the midday trading break. A heavy 23.7 million shares changed hands.
SIA said after trading hours on July 28 that
net profit slid to $186 million for six months to June , down from $452 million in the corresponding period a year ago.
This was due to lower interest income and the share of losses of associates, SIA said.
Air India, in which SIA holds a 25.1 per cent stake, accounted for the bulk of losses from associates. SIA only started accounting for its share of Air India's results from December 2024 following the
full integration of Vistara into Air India.
CGS International analyst Raymond Yap noted that SIA underperformed due to the sizeable share of Air India's losses in the quarter, although the Singapore business did well.
Top stories
Swipe. Select. Stay informed.
Asia Thirty dead, over 80,000 evacuated, following heavy rain in Beijing
Asia Thai army accuses Cambodia of violating truce
Singapore NDP 2025: Enhanced security measures to be put in place around the Padang
World Trump says many are starving in Gaza, vows to set up food centres
Sport World Cup winner Fabio Cannavaro among list of top names for Singapore football coach
Business Crypto's comeback: Should Bitcoin and other digital assets be in your portfolio now?
Business BYD tops Singapore car sales in first half of 2025 with almost one-fifth of the market
Singapore ST Explains: What we know about the Tanjong Katong sinkhole so far
He added that SIA's Singapore passenger and cargo businesses continued to perform, with higher operating profit that was also supported by lower fuel costs and the depreciation of the US dollar.
Looking ahead, SIA might continue to be affected by a weak financial performance from the Indian carrier, in light of the cuts made to its flights after the
fatal crash
of Air India flight 171
in June, he said.
An investigation into the fatal crash of Air India flight 171 in June is ongoing and the fallout is likely to continue to weigh on Singapore Air's performance. The Indian carrier cut capacity in the short-term to deal with operational challenges in the aftermath of the disaster.
JPMorgan Securities Asia Pacific's Karen Li said SIA's results will likely be deemed a major miss and downgraded the stock to neutral with a price target of $7.
However, Morgan Stanley's Divya Gangahar Kothiyal told Bloomberg News that SIA's passenger yields may soon start stabilising, helping to ease competitive sales pressures.
SIA and Scoot carried a record 10.3 million passengers, up 6.9 per cent from the same quarter in 2024.
But passenger yields – the amount earned per passenger for each kilometre flown – slipped 2.9 per cent to 10 cents per revenue passenger-kilometre. This was due to heightened competition, as more airlines continue to add capacity, SIA said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
2 hours ago
- Straits Times
Now flying solo, Acres CEO Kalaivanan Balakrishnan presses ahead with wildlife rescue efforts
Sign up now: Get ST's newsletters delivered to your inbox Mr Kalaivanan Balakrishnan took over as the sole president of Acres in May 2025. SINGAPORE - After four years of running a wildlife rescue non-profit with a co-pilot, Mr Kalaivanan Balakrishnan is now flying solo – and taking the challenges that come with it in his stride. The 39-year-old – formerly one of two co-chief executives of the Animal Concerns Research and Education Society (Acres) – intends to continue its mission of rescuing all needy wildlife, even those that may not be cute or cuddly. Ms Anbarasi Boopal, the other former Acres co-chief executive, stepped down from her role on April 30. She plans to work on policies on the welfare of farmed animals next. The pair had originally taken on the co-chief executive roles in 2021, when Acres founder Louis Ng relinquished the role to focus on politics. He served as a PAP MP for Nee Soon GRC for a decade, from 2015 to 2025. Ms Boopal oversaw Acres' advocacy arm, while Mr Kalaivanan managed the group's day-to-day operations, such as its efforts to rescue and rehabilitate injured wildlife. One of his most memorable rescues was in 2018, when he helped to save a dolphin tangled in a fishing line at Bedok Jetty. He has also been involved in rescues of more commonly seen wildlife, including Javan mynahs and kingfishers stuck in glue traps, and injured pigeons, macaques and otters. Top stories Swipe. Select. Stay informed. Singapore LTA, Singapore bus operators reviewing Malaysia's request to start services from JB at 4am Singapore Despite bag checks and warnings, young partygoers continue to vape in clubs in Singapore Singapore Ong Beng Seng to plead guilty on Aug 4, more than 2 years after trip to Qatar with Iswaran Singapore NDP 2025: Veteran Red Lion says each leap 'feels like 5km run' Business Decoupling to save on tax? You may lose right to property if ties go awry Singapore Lessons learnt from Singapore's love-hate relationship with e-scooters Opinion At UN's Wipo, Singaporean Daren Tang strives to create an equal music for haves and have-nots Asia Mass grave with over 100 skeletons in Sri Lanka brings up old wounds With Ms Boopal's departure, Mr Kalaivanan has had to take on fund-raising efforts, which he says is a big challenge for him. 'Fund-raising for wild animals is a challenge on its own, because our animals do not wag their tails, do not purr, do not meow – they don't have a cute factor,' he said in an interview on July 23 at Acres' premises in Sungei Tengah. 'Not everybody can resonate with snakes or pigeons, so to fund-raise, we need to constantly find new ways.' Alongside a team of around 30 staff members, he is planning for Acres' upcoming gala – its largest annual fund-raising event – on Aug 16. The organisation held its first gala in 2005. This year's ball aims to raise $400,000, with those in the last few years raising around $100,000 to $300,000. Though galas in the past were usually held in the month of May to coincide with Acres' birthday, the 2025 gala was delayed due to the leadership transition. The funds raised will help to cover the operating costs of its rescue hotline and in-house veterinary facilities, and fund the expansion of its wildlife rescue centre . In 2024, owing to a lack of funds, Acres ceased the 24-hour operations of its wildlife rescue hotline. Its rescue services now run from only 7am to 1am daily. The organisation also lost several volunteers during the Covid-19 pandemic. 'We've been trying to attract more volunteers who can help us more consistently, but that has proven a challenge, because everybody's so busy with work in Singapore,' Mr Kalaivanan said. Working in wildlife rescue was not always in the cards for Mr Kalaivanan, who is an industrial designer by training. The wildlife aficionado first joined Acres in 2009 as a volunteer, before becoming a full-time staff member in 2011. Being able to apply his design skills to help animals – be it in creating roadshow banners or building enclosures – kept him going all these years, Mr Kalaivanan said. 'At NGOs (non-government organisations) like Acres, you often have to make do with less, to do more. That's something I find very addictive,' he said. Mr Kalaivanan helps to ensure that Acres' animal rescue, rehabilitation and repatriation efforts run smoothly. ST PHOTO: NG SOR LUAN One of his biggest milestones was leading the construction of Acres' first animal sanctuary in 2013. The sanctuary meant that animals saved from the illegal wildlife trade get the opportunity to bask outdoors. Prior to the construction of its outdoor sanctuary, many of Acres' rescued animals were kept in quarantine areas or indoor enclosures. Animals such as Indian star tortoises and ball pythons are often illegally brought into Singapore to be kept as pets. 'For the first time in many years, a lot of the tortoises, turtles, could be under sunlight, feel the rain,' he said. Having a sanctuary also opened up the opportunity for Acres to conduct private educational tours, further raising awareness about the plight of rescued animals, Mr Kalaivanan said. Moving forward, Mr Kalaivanan's vision is for Acres to expand its premises and the breadth of its work. Today, 129 animals – including various species of reptiles, birds and mammals – live on its 0.5ha premises, about the size of a football field. Some animals, like the 30 pig-nosed turtles under Acres' care, are highly territorial, and have to be housed in individual enclosures, leading to significant space constraints. 'If you have insufficient space, you can keep rescuing animals, but the quality of care is going to decrease for each animal,' Mr Kalaivanan said. As such, his top priority is to reclaim and develop the 1.5ha of previously poisoned land beside its existing premises, which the authorities greenlit in May 2024. Acres had originally been allocated 2ha of land in their current Sungei Tengah site, but contamination by a building contractor rendered much of it unsafe for use. A groundwater test in December 2023 found a fall in the level of contaminants. Prior to the construction of its outdoor sanctuary, many of Acres' rescued animals were kept in quarantine areas or indoor enclosures. ST PHOTO: NG SOR LUAN Acres hopes to approach the expansion with care, Mr Kalaivanan said, adding that a biodiversity survey had been done to identify flora and fauna potentially impacted by the expansion. Animals that used the space included birds such as the long-tailed parakeet and common emerald dove, as well as other animals such as the plantain squirrel, reticulated python and Indochinese rat snake. 'We will keep pockets of small greenery so that wild animals like birds, snakes and turtles can continue to be there,' he said. Acres will also continue its advocacy efforts to urge people to better co-exist with wildlife in Singapore, he said. 'If we can get people to co-exist more with nature, then we have to rescue less animals and can save resources.' Mr Kalaivanan also hopes for Acres to strengthen its focus on cruelty-free living. This would mean enhancing educational initiatives on veganism, and greater outreach on the origins of leather and other animal products, he said. 'My goal is to ensure that when people see Acres, they don't recognise us just for animal rescue and rehabilitation. Instead, I want them to think of animal welfare at large.'
Straits Times
2 hours ago
- Straits Times
Founder of The Dog Grocer inspired by her picky dog to make fresh, wholesome treats
Sign up now: Get ST's newsletters delivered to your inbox Ms Soo Ming Hui, founder of The Dog Grocer, creates wholesome pet treats and meals that are preservative- and chemical-free. SINGAPORE – Dogs enter the shop, head for the bulk bins, sniff the treats and chews, and then let their owners know which one they want. The concept of The Dog Grocer (TDG) was formed when founder Soo Ming Hui, 44, faced challenges feeding her picky dog Piggy, who refused to eat anything but fresh treats. However, many pet foods available in the market are mass-produced and highly processed. Ms Soo also often wondered about the possibility of dogs having the same home-cooked meals as what her mother cooks for the family. Inspired by her mother's food, Ms Soo started experimenting with Asian-style marinades and began crafting fresh, natural treats in 2018. When her fussy Singapore Special, 13, approves of her experiments, she knows other dogs will enjoy them too. TDG's pet foods are made in-house using human-grade ingredients, such as beef eye round, chicken and duck breast, pork loin, chicken feet and bull pizzles. The meats are either dehydrated or freeze-dried, and all products are preservative- and chemical-free. Ms Soo also avoids using additives and fillers, focusing on natural nutrition and flavour. The products adhere to the United States Department of Agriculture's food safety guidelines, and TDG's ready-to-eat meal packs are formulated to meet the standards set by US agency National Research Council for dog food. Top stories Swipe. Select. Stay informed. Singapore Despite bag checks and warnings, young partygoers continue to vape in clubs in Singapore Singapore Ong Beng Seng to plead guilty on Aug 4, more than 2 years after trip to Qatar with Iswaran Singapore LTA, Singapore bus operators reviewing Malaysia's request to start services from JB at 4am Singapore NDP 2025: Veteran Red Lion says each leap 'feels like 5km run' Business Decoupling to save on tax? You may lose right to property if ties go awry Singapore Lessons learnt from Singapore's love-hate relationship with e-scooters Opinion At UN's Wipo, Singaporean Daren Tang strives to create an equal music for haves and have-nots Asia Mass grave with over 100 skeletons in Sri Lanka brings up old wounds TDG products are produced in Singapore in a kitchen licensed by the Animal & Veterinary Service under the National Parks Board, using ingredients from sources approved by the Singapore Food Agency. Signature items from the freeze-dried meat cube range include Ondeh Ondeh Chicken and Black Sesame Duck. Marinated jerkies such as Dang Gui Wolfberry Pork, and Chicken and Honey Sesame Beef are popular snacks. Dogs also like chews such as whole pig ears. Prices are between $13 and $33 for dog treats and ready-to-eat meals, with freeze-dried meat cubes and marinated jerkies available in the store for the dogs to sniff and select. These are placed in bins at a height where the pooches cannot eat them. Ms Soo opened TDG in Crane Road in June 2020 with an investment of $130,000 from her savings and government grants. It was not an easy endeavour, as the Covid-19 pandemic was still prevalent. Singapore had just entered Phase One of its reopening after the circuit-breaker period , in which people were encouraged to leave their homes only for essential activities. However, pet ownership boomed during the pandemic, which helped Ms Soo's business. She managed to break even in 18 months. She subsequently opened a commercial kitchen in Sembawang and the store relocated to a bigger space in Joo Chiat Road. 'It was good to have a proper kitchen,' says Ms Soo. 'I used to operate from a tiny makeshift kitchen at the back of the shophouse, cutting, marinating and dehydrating meats.' She adds that with the larger facility, production capacity has increased substantially. However, she continues to keep the scale of the food production small so everything remains fresh. 'We are constantly making new batches as the shelf life of our pet food is very short, about six to eight months depending on the product,' she says. Prices are between $13 and $33 for dog treats and ready-to-eat meals. ST PHOTO: LIM YAOHUI Starting a pet food business never crossed Ms Soo's mind. After graduating from the National University of Singapore with a mechanical engineering degree in 2004, she convinced her parents to let her pursue her dream of becoming a jockey. 'I've always loved animals. So, I thought, like, why not be a job?' says Ms Soo, who is single. This passion led her to New Zealand, where she spent almost six years training to be a jockey. She also took on other jobs at cafes, orchards and canning factories. During those years, she also found time to earn two chef certificates, one in general culinary arts and another in pastry. However, being a jockey was not meant to be because she was over the strict weight limit required for the profession. After returning to Singapore , she volunteered at animal shelters, drawing on her experience with horses to help rehabilitate dogs. It was there when she learnt how limited and heavily processed most pet food options were, particularly for dogs with specific dietary needs or preferences. While some of the products are sold in boxes, pet owners are encouraged to scoop what they need and pack the treats in their own containers. ST PHOTO: LIM YAOHUI Sustainability plays a big role at TDG. Though some products are sold in boxes, pet owners are encouraged to take along their own containers and fill them up from the bulk bins. Ms Soo makes a conscious effort to choose ingredients from certified sustainable sources, such as wild-caught Atlantic cod and pollock, which are Marine Stewardship Council-certified fish. She also takes the 'entire cut' approach. For instance, slices of pork loin become jerkies, while off-cuts or ends are minced into pork cubes. Fish bones become broth that are used for seasonal creations, such as Chinese New Year soups and National Day recipes. Fruit, vegetables and meat scraps are dropped off at a local permaculture site every other month for composting, turning food waste into nutrient-rich soil. With the business expanding to include both cooked and raw meals, catering to the evolving preferences of pet owners, Ms Soo hopes to open another outlet, possibly in western Singapore. 'We have been looking for a second shop for almost a year, but rental costs are incredibly high,' she says. It has been rewarding for her to see customers grow alongside TDG. 'We see them at different stages, some from puppies to adult dogs, others from adults to seniors,' says Ms Soo. She adds that her dream is to have a cafe where pets can have their own omakase experience. For now, though, her happy place is in the kitchen, where she concocts new recipes and creates nutritious food for pets.
Straits Times
2 hours ago
- Straits Times
South Korean's death after 3 consecutive company drinking sessions ruled work-related
Sign up now: Get ST's newsletters delivered to your inbox SEOUL – A South Korean court has ruled that the death of a worker following three consecutive company-related drinking sessions constitutes a work-related death, local media reported on Aug 3. The Seoul Administrative Court recently ruled in favor of the bereaved family of a worker who died from acute alcohol intoxication after attending consecutive company gatherings. The family had filed a lawsuit seeking to overturn the Korea Workers' Compensation and Welfare Service's decision to deny survivor benefits and funeral expenses. The worker, who was in charge of sales management, was found dead in his car in the parking lot of his home at dawn on July 2, 2022. An autopsy determined the cause of death was acute alcohol intoxication from consuming a large amount of alcohol over a short period. It was confirmed that he drank on three consecutive nights from June 29 to July 1 at company events. On June 29, he attended a dinner with a client. The following day, he joined a gathering organized by a senior executive to promote camaraderie among employees. On July 1, he attended a dinner welcoming two newly hired foreign workers assigned to an overseas office. That night's expenses were more than 1 million won (S$926), exceeding typical company spending, and the participants split the cost. The key legal issue was whether the final gathering constituted a work-related event. The workers' compensation agency argued that it was not an official company event and that the sharing of costs by the participants indicated it was a private occasion. However, the court ruled otherwise, citing the nature of the relationship between the worker and the foreign hires, which required close cooperation. The court also noted that the worker was scheduled for a six-month overseas assignment and needed support from the newcomers. 'The drinking session likely had a strong work-related context, as it was held with the foreign workers to welcome his upcoming assignment abroad,' the ruling stated. 'It would have been difficult for him to refuse drinks under the circumstances, and the cost of 1 million won was excessive for a purely personal gathering.' THE KOREA HERALD/ASIA NEWS NETWORK
