Tiger narrows 2Q loss to $11.2 million
Published: July 28, 2012
Singapore-based Tiger Airways Holding narrowed its loss after tax to S$ 14 million, ($ 11.2 million) for the second quarter, against a S$ 21 million loss recorded during the same period last year, the company said.
Total revenue for the quarter was $ 181 million, up 1.4% on the $ 179 million recorded in the previous year. The increase was largely due to higher yield (up 7.8%), offset by a 4.5% decline in capacity and lower passenger load factor of 83.3%, down 2.2 percentage points.
Total expenses increased 1.2% to $ 193 million as a result of an increase of 18% in average fleet size, partially offset by lower fuel cost during the quarter, the statement said.
“The Group’s financial performance is gradually coming back on track with Tiger Singapore turning in an operating profit of $ 4 million this quarter,” Tiger CEO Chin Yau Seng CEO said. Tiger Australia’s operating loss narrowed from $ 23 million to $ 21 million this quarter, he said.
Looking ahead, the group warned that volatile fuel prices continue to weigh on profits but noted Tiger Singapore’s healthy load factors and plans by Tiger Australia to increase services to the level it enjoyed last July.