Tiger losses shrink in FY12/13

Tiger losses shrink in FY12/13
By admin


Tiger Australia posted an operating loss of SG$15.1 million (AU$12.3m) for the fourth quarter, as the Tiger Group significantly cut its losses for 2012/13 financial year.
The Australian Q4 figure represents an improvement on the previous corresponding period which saw losses of $17.7 million (AU$14.4m).
The low cost carrier attributed the loss to the rising cost of operations as it increased capacity by 68.8% with new routes from Sydney and Melbourne.
However, despite the capacity hikes, load factor for the quarter climbed 4.2 percentage points to 85.6%.Revenue rose 82% to $71.1 million as traffic climbed 77.5% and yield strengthened by 2.5%
Meanwhile, the Tiger Group cut annual losses down to SG$7.3 million (AU$5.95m) from the SG$83.4 million (AU$68m) tumble of the previous year and announced a second consecutive quarter of operating profit with the three months to March 31 reaping SG$12.7 million (AU$10.4m).
The profit figure represents a strong turnaround on the same period in 2012, which saw  a SG$17.2 million (AU$14m) quarterly loss posted.
"We are extremely encouraged to have achieved a second straight quarter of operating profit and are looking forward to delivering a sustained turnaround upon the completion of the Tiger-Virgin joint venture in mid-July," chief executive Koay Peng Yen said.

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