Stock of Singapore Airlines fall over 8% after first quarter profit plunges
Stock of SIA fell more than 8% and logged the largest intra-day decline since August 2024, data from LSEG showed. It is currently trading 7.11% lower.
Net profit fell to 186 million Singapore dollars ($144 million) for the quarter ended June 30, according to the company's earnings report. The drop was attributed to reduced interest income and losses from its associates.
Its operating profit in the first quarter also fell 13.8% to S$405 million year over year.
"In addition to the lower operating profit, the reduction in net profit was largely attributable to a lower interest income on the back of lower cash balances and interest rate cuts, and the Group recording a share of losses of associated companies compared to a share of profits for the same quarter last year," SIA said in its earnings statement.
Singapore's flagship carrier also noted that the loss stemmed from Air India's financials, which were not included in the group's results for the equivalent quarter in 2024.
Singapore Airlines began equity accounting for Air India from December 2024, after Vistara was fully merged into the airline. SIA now holds a 25.1% stake in Air India.
However, SIA noted that demand for air travel and cargo remained strong despite geopolitical uncertainties.
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