SIA’s carrying value of its Air India investment down a further S$335 million

Detailed summary

The decline accounts for Singapore Airlines’ share of losses from the Indian carrier, based on the equity method

The decline accounts for Singapore Airlines’ share of losses from the Indian carrier, based on the equity method

[SINGAPORE] Singapore Airlines’ (SIA) investment in Air India has diminished by a further S$334.7 million in value over a span of six months as the beleaguered Indian airline continued to incur losses.

The Singapore corporate investor’s S$1.1 billion carrying amount of its investment in the Indian associate as at end-March declined to S$799.9 million by end-September, showed SIA’s interim financial statements published on Wednesday (Nov 11).

This was a further erosion of SIA’s carrying amount of about S$2 billion as at end-March 2025.

The reduction in investment value accounted for SIA’s share of losses from Air India based on the equity method.

Its share of Air India’s losses for the first half of FY2027 ended September amounted to S$361.7 million – S$67.8 million less than the S$429.5 million for the corresponding period in FY2026.

This, however, was not caused by shrinking red ink at the Indian airline.

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Tan JoAnn, SIA’s chief financial officer, explained at the post-earnings briefing on Thursday that the smaller losses were attributed to the reversal of provisions that SIA made in prior years. She declined to disclose the quantum of the reversal.

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