SIA shares tumble 7.4% after first-quarter profit slide

Shares of Singapore Airlines (SIA) slumped in morning trading on July 29 as the market reacted to the announcement of the group's sharp drop in first-quarter earnings.

- Sue-Ann Tan

The shares fell as much as 8.6 per cent, or 65 cents, to $6.95 minutes after the opening bell.

This was the largest intra-day decline for SIA shares since August 2024.

The stock later pared losses to close down 7.4 per cent, or 56 cents, at $7.04.

A heavy 38.5 million shares changed hands.

SIA said after trading hours on July 28 that net profit slid 59 per cent to $186 million for the three months to June, down from $452 million in the corresponding period a year ago.

This was due to lower interest income and its share of losses of associates, it said.

Air India, in which SIA holds a 25.1 per cent stake, accounted for the bulk of losses from associates.

The Indian carrier's financial performance was not included in the group's results for the same quarter in 2024 as SIA began accounting for its share of Air India's results only from December 2024 following the full integration of Vistara into Air India.