Tiger Australia losses grow in Q3
Tiger Australia saw its losses widen in the third quarter, posting an operating loss of S$12.9 million (A$9.98m) despite parent Tiger Airways Holdings hauling itself into the black.
The low cost carrier's local operation today revealed revenue of S$72.6 million (A$56.2m) in the three months to December, up from S$40.3 million (A$31.2m) in the third quarter the previous year.
But an 11.5% drop in yield "due to stiff competition in the domestic market" and the rising cost of operations had seen it turn in a loss, substantially greater than the $8.6 million (A$6.65m) loss in the corresponding period in 2011.
"Total expenses rose by S$36.6 million (A$28.3m), or 74.8%, to S$85.5 million (A$66.1m), as the airline commenced new routes during the quarter, connecting Sydney and Melbourne to Adelaide, Cairns and Mackay," a Tiger statement said.
Passenger load factor remained "fairly stable" at almost 82%, despite the doubling of capacity, it added.
However, parent company Tiger Airways Holdings posted a profit after tax of S$2 million (A$1.5m) for the quarter – a vast improvement on the loss after tax of S$17.4 million (A$13.5m) of the previous corresponding period.
The result came on the back of a 47.1% rise in group revenue to S$247.7 million (A$191.6m) for the quarter.
Group chief executive Koay Peng Yen said the firm is "encouraged" by the turnaround.
"However, we are mindful that the September to December period is traditionally the strongest quarter for the air travel industry, and this has also contributed positively to our performance," he said. "We will continue to put in our best effort to keep up the group's recovery momentum."
However, the airline conceded its performance in the fourth quarter is likely to be weaker.
"The group expects to report an operating loss for FY12-13," it said.
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