04 Aug '11, 5pm

Tiger Airways swings to S$20.6m loss

SINGAPORE: Tiger Airways has reported an after-tax loss of S$20.6 million for its fiscal first quarter ended June - a reversal from an after-tax profit of S$1.9 in the same period last year. The loss came despite a 23 per cent rise in group revenue to $178.8 million, from $145.1 million last year. The low-cost carrier attributed the loss largely to higher fuel prices. Operating profit for Tiger Airways Singapore also dropped 44.4 per cent to S$7.5 million compared to a year ago. Tiger Airways Australia reported an operating loss of S$23.2 million due to flight disruptions arising from ashes from a Chilean volcano. Tiger said the Australian operation is likely to report a net loss for the financial year ending March next year. It said it will be significantly impacted by the expected losses of Tiger Airways Australia following flight suspension and higher jet fuel prices.

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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