Singapore Airlines has posted its first quarterly loss since 2003, with a S$307.1 million (US$212.6 million) loss that compared to a S$358.6 million profit in the fiscal first quarter of 2008-09. The global economic downturn, swine flu and unfavorable fuel hedges dragged the carrier into the red. Group revenue during the quarter ended June 30 dropped 30.5 per cent to S$2.87 billion while expenses were reduced 15.8 per cent to S$3.19 billion. A S$287 million loss on fuel hedges partially offset the S$1.14 billion it saved on fuel prices compared to last year. Operating loss of S$319.3 million represented a reversal from the S$343.2 million earned in the year-ago quarter. The airline segment suffered a S$271 million operating loss in the quarter, compared to a S$265 million profit last year. SIA Cargo lost S$104 million compared to a S$5 million profit year earlier, SIA Engineering made S$12 million, down down 25 per cent year-on-year and SilkAir lost S$3 million compared to a S$10 million profit in the same quarter a year earlier.