In a statement released after the close of trading, the company said its net loss hit S$1.12 billion and its passenger loads fell by an incredible 99.5 percent for the quarter.
Last week, the carrier said it has raised an additional S$750 million in long-term loans as it sought to bolster liquidity in the face of the pandemic.
During the first quarter, SIA was forced to scale down its network of operations to 14 metropolitan areas in the world.
The group posted an operating loss of S$1.04 billion for the quarter, a decline of S$1.24 billion from Q1 2020's operating profit of S$200 million, largely due to mark-to-market fuel hedge losses of S$464 million.
SIA shares closed S$0.04 or 1.1 per cent lower at S$3.53.
Singapore Airlines was operating only to 24 cities by the end of June.
The carrier increased liquidity in the first quarter by almost 11 billion Singapore dollars. SilkAir and Scoot operated a minimal amount of flights to Chongqing, China Hong Kong and Perth, Australia.
Empty check-in counters at Singapore's Changi Airport.
The Group is comprised of the following three airlines: Singapore Airlines (SIA), low-priced carrier Scoot, and Silkair.
Further, passenger carriage in Q1 plunged 99.4% YoY for SIA, 99.8% for SilkAir and 99.9% in Scoot.
Meanwhile, Bloomberg Intelligence aviation analysts James Teo and Chris Muckensturm estimated in a 15 July note that SIA's Q1 net loss as well as "drag" from S$124 million in one-off costs due to the liquidation of its NokScoot joint venture in Thailand.
Some of these include reviewing its fleet size based on its needs, as well as negotiating with aircraft manufacturers to adjust delivery orders and payment schedules to reduce near-term cash outflows. "We have reached an agreement with Airbus on some of these matters and discussions with Boeing are ongoing". The airline also said a group fleet of 220 aircraft including seven freighters are deployed on passenger services. A total of 148 aircraft out of 220 in the group's fleet are now stored away.
Airlines like Singapore Air have had to ground thousands of planes.
SIA notes that the "recovery trajectory in worldwide air travel is slower than initially expected", citing industry experts like global Air Transport Association and the worldwide Civil Aviation Organisation that have recently forecasted a slower recovery for the aviation industry.
On Tuesday IATA said global air traffic is unlikely to return to pre-coronavirus levels until at least 2024 - a year later than previously projected.
SIAG's passenger capacity projection for Q2 FY20/21 remains a grim 7% compared to pre-COVID-19 levels.
Since the start of the financial year, the airline has increased liquidity by S$11 billion through a rights issue of new stock and secured financing facilities. With the progressive reopening of economies and as manufacturing resumes, there is likely to be a gradual pickup in general cargo demand even as urgent movement of medical supplies recede. SIA said that it will step up the frequencies of selected routes if demand picks up in the coming months.