Singapore Airlines Group reported a net loss of S$76 million in the first quarter of 2026, even as it posted record revenue from passenger and cargo operations. The result shows how sharply rising costs can outweigh strong demand across the airline business.
According to the company, net fuel costs jumped 78.5 per cent during the quarter. That increase was a major factor behind the move into the red, with higher energy expenses putting pressure on margins despite revenue reaching a record level.
The group also said higher losses from Air India added to the drag on earnings. Together, the rise in fuel spending and the weaker contribution linked to Air India offset the benefits of robust travel and cargo performance.
The quarterly update underlines the challenges facing airline operators when external costs climb quickly. For Singapore Airlines, strong top-line growth was not enough to prevent a loss as fuel-related pressure and Air India losses weighed on the quarter.
