The Singapore Airlines (SIA) Group reported a net loss of AU$84 million (S$76 million) for the first quarter of FY2026/27, as a 78.5 per cent rise in net fuel costs outweighed record quarterly revenue of AU$6.34 billion (S$5714 million). Revenue rose 19.3 per cent year-on-year, or AU$1.03 billion (S$924 million), driven by strong demand and a 12 per cent increase in passenger yields. Group expenditure rose 27.9 per cent, driven mainly by a AU$1.1 billion (S$991 million) increase in net fuel costs following jet fuel price rises linked to the Middle East conflict that began in February. Fuel costs before hedging more than doubled, partly offset by a swing from a hedging loss the previous year to a AU$417 million (S$376 million) hedging gain this quarter. The group’s balance sheet remained strong, with cash and bank balances of AU$10.1 billion (S$9.1 billion) as at 30 June, and total shareholders’ equity of AU$18.4 billion (S$16.59 billion).