Tiger Airways posts Q1 loss of S$14m
SINGAPORE, July 27 — Tiger Airways Holdings Ltd has reported a loss of S$14 million (RM35 million) for the first quarter ended June 30, 2012.
A year ago, the low-fare airline posted a loss of S$21 million.
Total revenue, however, rose by 1.4 per cent to S$179 million on stronger yield, which was partially negated by a decrease in capacity and a drop in load factor.
Group chief executive officer, Chin Yau Seng, said the group’s financial performance was gradually coming back on track with Tiger Singapore turning in an operating profit of S$4 million this quarter.
“It recorded a healthy passenger load factor of 85.1 per cent as demand has caught up with capacity, which grew 14.3 per cent during the quarter.
“Tiger Australia has also made good progress since the hiatus in services a year ago. We have been rebuilding the business with a strong focus on safety, operational excellence, customer service and profitability.
“Its operating loss narrowed from S$23 million to S$21 million this quarter,” he said at the announcement of the results at a teleconference here today.
Chin said that Mandala Airlines, the group’s associate airline in Indonesia, was expanding its presence in the region.
Mandala, which currently has three A320 aircraft, would launch its fourth route, Jakarta-Bangkok, in August 2012.
“We have also finalised the agreement to acquire a 40 per cent stake in South-East Asian Airlines (SEAir) in the Philippines,” he said.
He said SEAir has a fleet of five aircraft — three A320s and two A319s.
“It will be expanding its network to include operations from Manila to seven domestic cities from 31 July 2012,” Chin said.
On the outlook, he said, the group would continue to rebuild the business with a strong focus on safety, operational excellence and customer experience, and would strive to improve on its financial performance. — Bernama