Singapore Airlines’ record Q3 revenue of S$5.51b lifts operating profit 26% to S$792m, but net profit drops 69% on absence of prior-year Vistara gain
Summary:
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Q3 FY2025/26 operating profit rose 25.9% year on year to S$791.9 million on record revenue of S$5,506.2 million, driven by robust passenger demand, higher yields and tight cost control.
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Net profit fell 68.9% to S$504.6 million as last year’s results were boosted by a S$1.10 billion one-off non-cash accounting gain from the Vistara disposal, while the current quarter includes a larger share of Air India losses.
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For the first nine months, revenue climbed 3.2% to a record S$15.18 billion and operating profit increased 11.9% to S$1.59 billion, even as net profit declined to S$743.1 million on higher associate losses and the absence of the Vistara gain.
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Balance sheet strength improved with total debt reduced by S$2.48 billion, cutting the debt‑equity ratio to 0.66 times, while S$850 million of convertible bonds were fully converted into equity by November 2025.
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The Group plans further network growth and product upgrades, including new routes, A380 deployment to Dubai, and next‑generation cabins and Wi‑Fi enhancements, underpinned by S$6.08 billion of cash, S$2.06 billion of longer-term deposits and S$3.3 billion of undrawn credit lines.