Net profit was also hurt by lower interest income and the group’s share of losses from associates. The company attributed the latter largely to Air India, in which it holds a 25.1% stake. Air India’s results weren’t part of the Singapore carrier’s earnings last year.

Singapore Airlines posted a 58.8% fall in first-quarter net profit on Monday, pressured by losses in associated companies, including Air India, and lower cash balances. The city-state's flag carrier recorded a S$122 million hit from associated companies — posting losses compared with profit a year earlier,