Singapore Airlines Ltd.’s profit slumped in the first quarter as losses from Air India Ltd. and lower interest income weighed on the company’s financial results.

Singapore Airlines posted a 58.8% fall in first-quarter net profit on Monday, pressured by losses in associated companies, including Air India, and lower cash balances. The city-state's flag carrier recorded a S$122 million hit from associated companies — posting losses compared with profit a year earlier,

Air India’s part-owner Singapore Airlines took a hit in its latest financial results, with profit well down from a year ago.