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Bloomberg
Singapore Airlines Ltd posted a 20 percent decline in first-quarter earnings, weighed down by rising fuel costs and expenses from the grounding of six Boeing 737 Max aircraft.
Net income in the three months to June fell to S$111.1 million ($81.2 million), from S$139.6 million a year ago, Singapore Air said in a statement.
Sales climbed 6.7 percen to S$4.1 billion.
Costs from the grounding of six 737 Max at the carrier’s SilkAir unit in March are accumulating as it’s unclear when the narrow-body planes will return to operation.
This has also impacted Singapore Air’s budget unit Scoot, which was expected to get some of the Boeing’s aircraft to expand its services.
Singapore Air is in a final leg of a three-year transformation plan aimed at cutting costs and improving productivity.