SIA posts 21% lower Q1 net profit of S$111m

Singapore

NATIONAL carrier Singapore Airlines' net profit for the first quarter slipped 21 per cent to S$111 million on the back of higher share of losses from associated companies, net finance charges and expenditure.

For the three months to June period, improvement in the group's joint-venture airline in India, Vistara, was offset by higher estimated losses at Virgin Australia while the adoption of accounting rules on leases and additional financing for fleet renewal and growth pushed up finance charges.