CGSI cuts SIA’s earnings projections for FY2027 by nearly 40% as fuel prices surge

[SINGAPORE] Research house CGS International (CGSI) has lowered its expectations for Singapore Airlines’ ( SIA ) earnings for its 2026 and 2027 financial years amid a surge in fuel prices.

In a Thursday (Apr 2) report, analyst Raymond Yap said the forecast for the group’s FY2026 core net profit was trimmed by 4 per cent to S$1.1 billion, while the FY2027 projection is now S$799 million after a 37 per cent drop.

He also hiked the group’s share of its associate Air India’s expected loss by 5 per cent for FY2026, 20 per cent for FY2027, and 10 per cent for FY2028. SIA owns a 25.1 per cent stake in Air India.