Investors sold off shares in the airline after it posted a surprise loss, with stock dropping more than six per cent.
The carrier cited ‘intense competition’ amid increasing cost pressures, as well as a fine related to anti-competitive behaviour in its cargo division. Group revenues in the three months to March 31 were flat at S$3.72bn.
But Singapore Air group, which owns Singapore Air, as well as a regional airline and two budget carriers, posted a net loss of S$138.3m for the three months ended March, when analysts had been expecting a profit of S$54.3m.
It reported a S$132m hit to net profit relating to a European anti-competition ruling against its cargo unit, which had been previously announced.