A ‘long game’: Singapore Airlines committed to Air India despite record US$2 billion loss, says CEO

The decline was largely driven by the absence of a S$1.1 billion one-time gain from the Vistara integration recorded in the year-ago period, compounded by losses from Air India.

On fuel supply, chief operations officer Tan Kai Ping said supply is stable across the network in the near term, but that there is no long-term visibility given the “very volatile” situation.

“The first thing that will happen when fuel supply runs short will be fuel rationing at airports,” he said, noting that this is not the case now.

Mr Goh said SIA has taken a different approach from other airlines that have cut capacity since the Middle East conflict began.

It has cut services to Dubai and postponed the launch of services to Jeddah, but announced additional capacity and frequency on other routes –  particularly in Europe, where its network has grown around 13 per cent compared to before the start of the war against Iran.

“We are in a position where we don’t need to cut capacity,” said CCO Mr Lee. “Our financial position is strong, and therefore we are actually growing rather than cutting capacity.”