Singapore Airlines on Thursday reported an 82% plunge in second-quarter earnings, missing estimates as losses from its Air India stake and lower interest income weighed on results.

Here’s how the carrier performed in the three months ended September compared with LSEG SmartEstimates, which are weighted toward forecasts from analysts who are more consistently accurate: 

• Revenue: 4.89 billion Singapore dollars ($3.76 billion) vs. 4.94 billion Singapore dollars expected
• Net profit: 52 million Singapore dollars vs. 181.47 million Singapore dollars expected

Net profit for the first half of the fiscal year also fell to 239 million Singapore dollars, down 67.8% from a year earlier, the company said.

Interest income in the second quarter fell by 42 million Singapore dollars due to lower cash balances and interest rate cuts. The share from associated companies, including Air India, took a 295 million Singapore dollar hit in the period.

Singapore Airlines, also known as SIA, holds a 25.1% stake in Air India following its November 2024 merger with Vistara, co-owned with India’s Tata Sons. SIA began equity accounting for the airline from December 2024.

“Despite the ongoing challenges, the SIA Group remains committed to working with its partner Tata Sons to support Air India’s comprehensive multi-year transformation programme,” the carrier said in a statement.

Air India was also a drag on the group’s results in the previous quarter and was reportedly seeking at least 100 billion rupees ($1.1 billion) in financial aid from SIA and Tata Sons, after a June crash that killed more than 240 passengers, according to Bloomberg.

Any financial support, earmarked for system upgrades and in-house engineering and maintenance capabilities, would be proportional to ownership, Bloomberg reported, citing people familiar with the matter.

SIA has been expanding its commercial partnerships. It launched new codeshare services with Vietnam Airlines in September, strengthening its presence on Southeast Asian routes.

In October, it deepened its joint venture with the Lufthansa Group by adding Brussels Airlines, improving routes between Europe and the Asia-Pacific region.

The carrier said demand for air travel remains resilient heading into the third-quarter peak. Still, it warned that air cargo trends remain uncertain amid shifting trade policies and market volatility.

“The airline industry continues to face challenges from geopolitical tensions, macroeconomic headwinds, inflationary cost pressures, and supply chain constraints,” SIA said.