Singapore Airlines profit falls as Air India loss hits earnings

Singapore Airlines said it's upbeat about travel demand over the peak summer travel period, even as the carrier weathers a slump in profit due to losses at Air India.

The airline's net income dropped 59% to $145 million in the three months ended June 30, the carrier said in a statement on Monday. That was largely due to the results from Air India, in which it holds a 25.1% stake.

Its performance wasn't part of Singapore Air's results last year. The investigation into the crash of AI 171 in June is ongoing and the fallout is likely to continue to weigh on Singapore Air's results.