Singapore Airlines' first-quarter profit falls as Air India losses weigh

Singapore Airlines posted a 58.8 percent fall in first-quarter net profit on Monday, pressured by losses in associated companies, including Air India, and lower cash balances.

The city-state's flag carrier recorded a S$122 million (HK$745.6 million) hit from associated companies — posting losses compared with profit a year earlier, primarily due to Air India.

The airline began equity accounting for Air India in December last year after Vistara's full integration into Air India. Air India's results were not included in the prior-year comparison.

Singapore Airlines said net profit came in at S$186 million for the three-month period ended June 30, compared with S$452 million a year earlier and a Visible Alpha consensus estimate of S$463.2 million.

Revenue for the quarter rose 1.5 percent to S$4.79 billion.

Reuters