Singapore Airlines suffered a 59 per cent drop in profits last quarter as it was hit by losses from its stake in Air India, the carrier embroiled in India’s worst aviation disaster in three decades.
Net profits at Singapore’s national carrier fell from S$452mn ($301mn) to S$186mn compared with the same period last year, the group reported on Monday. It said its losses from associated companies, “notably from Air India’s financial results”, were S$122mn for the three months to the end of June, the first quarter of its financial year.
Singapore Airlines’ revenue rose 1.5 per cent to S$4.8bn for the quarter, which the group said showed demand for air travel remained strong despite economic and geopolitical uncertainties.
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