Shares of Singapore Airlines dropped over 8% after reporting a 59% decline in earnings for the first quarter, with net profit falling to S$186 million. The decrease was due to reduced interest income and losses from associates, including Air India, which saw deeper than expected losses post-Boeing Dreamliner incident.

Despite strong demand for air travel and cargo, SIA’s operating margins are normalizing as competition rises. Cargo revenue fell nearly 2%, with cargo load growth trailing capacity expansion. While SIA remains well-positioned with a strong balance sheet, Maybank reduced profit estimates by 25-29% due to weaker cargo demand and higher operating costs, downgrading the stock to SELL.

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