SIA Group swings to $75.8m Q1 loss as fuel costs jump 78.5%

Revenue rises 19.3%, but Air India losses also weigh on earnings.

Singapore Airlines (SIA) Group posted a net loss of $75.8m in the first quarter of FY2026/27, reversing a net profit of $186.1m a year earlier.

The group attributed the $262m deterioration mainly to a $299m decline in operating profit and a higher share of losses from Air India, partly offset by lower tax expenses.

Total expenditure increased 27.9% to $5.61b, driven by a $991m, or 78.5%, rise in net fuel costs to $2.25b. Non-fuel expenditure grew 7.4% to $3.36b.

Revenue rose 19.3% to $5.71b from $4.79b, whilst operating profit fell 73.8% to $105.5m from $404.5m.

EBITDA declined to $702.4m from $1.02b, with the EBITDA margin narrowing to 12.3% from 21.2%.

Passenger revenue climbed 18.6% to $4.58b as SIA and Scoot carried 10.9 million passengers, up 6.3% from a year earlier.

Basic loss per share was 2.4 cents, compared with earnings per share of 6.3 cents a year earlier

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