The airline's operating profit plummeted 74% to S$105.5 million, a result that significantly missed market expectations. DBS Group Research analyst Jason Sum noted that while the carrier continues to benefit from robust travel and cargo demand, the volatility triggered by conflict in the Middle East has driven jet fuel costs—the airline's primary expenditure—to unsustainable levels for the current margin structure.

Beyond the fuel shock, the company's bottom line suffered a S$42 million hit from its stake in Air India. While the cargo division provided a rare bright spot with a 34% revenue increase, it was not enough to offset the broader financial headwinds. Analysts remain cautiously optimistic that earnings will rebound once fuel prices stabilize and the airline successfully adjusts seat pricing to account for the current cost environment.