PUBLISHED ONFebruary 25, 2026 12:40 AMBYSean LerNational carrier Singapore Airlines (SIA) saw a 68.9 per cent drop in its net profit in the third-quarter of 2025/2026, it reported after markets closed on Tuesday (Feb 24).
Despite total revenue rising 5.5 per cent to $5.5 billion in the third quarter, net profit fell from $1.62 billion in the same quarter last year, to $505 million.
This was due to higher fuel and non-fuel expenditure and the absence of the one-off gain of nearly $1.1 billion last year from the sale of Vistara following the Air India-Vistara merger in November 2024.
In addition, the share of losses from Air India increased by $163 million to $178 million.
The Indian Airline's full-quarter results were recognised this year compared with only one month in the same quarter last year.
Despite this, SIA's operating profit climbed by an increase of $163 million to $792 million, owing to "robust" passenger demand, which saw passenger yields rise 1.9 per cent to 10.9 cents per revenue passenger-kilometre.
Tabitha Foo, equity research analyst at DBS Group Research told Reuters that the sustained passenger travel demand should help offset weaker cargo demand.
"The share price should react positively given the convincing operating performance beat, though we remain watchful on Air India," the analyst said.
In the third quarter, SIA Group's Scoot took delivery of three Airbus A320neo, two Airbus A321neo and two Embraer E190-E2 aircraft, with the number of of planes going up to 61. The Group also has 16 Airbus aircraft and 42 Boeing aircraft on order.
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SIA noted that the cargo outlook continues to be "uncertain amid ongoing trade and geopolitical developments", adding that they are monitoring the situation and will leverage its diverse networks and cargo verticals as market conditions evolve.
Looking ahead, it also said that SIA Group is "well positioned" to capture the healthy demand for air travel heading into the last quarter of FY2025/26, supported by seasonal travel.
The group said it will remain nimble and agile in deploying its network and capacity to maximise revenue opportunities.
"The SIA Group is well-placed in this operating landscape, thanks to its strong financial position, disciplined cost management, advanced digital capabilities, and a committed, talented workforce," an SIA spokesperson said.
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