Tiger Airways ends year with $196m cash

Source: Flightglobal.com
This story is sourced from Flightglobal.com

Tiger Airways Holdings Limited recorded an $11 million drop in cash and cash equivalents over the 12-month period to 31 March 2011 due to internal funding for the additional aircraft pre-delivery payments.

The group ended its 2010/11 fiscal year with $195.8 million, despite reporting an 81% improvement in its operating profit to $47 million during the year.

Net cash flow from operating activities reached $81.1 million but Tiger Airways used $432.7 million net cash flow in investing activities, up from $196.2 million in the previous year. It generated $340.6 million in cash flows from financing activities, compared with $339.6 million in 2009/10.

Tiger Airways substantially improved its balance sheet during the 12 months period with total assets reaching $1 billion, 70.4% higher than that as at 31 March 2010. The increase was due to the doubling of property, plant and equipment brought about by the delivery of seven new aircraft and additional aircraft pre-delivery payments during the year. Total liabilities ended at $806.0 million, which was $368.6 million higher than last year. This was mainly due to the additional loans of $329.3 million, taken to finance purchases of aircraft and fund aircraft pre-delivery payments.

The Group posted a $39.9 million net income, up from $28.2 million in fiscal year 2009/10. Subsidiary Tiger Airways Singapore reported an operating profit of $53.8 million for this financial year, up from $24.3 million for the previous financial year. However, Tiger Airways Australia suffered a $9 million operating loss, up from $0.6 million recorded in the 2009/10 financial year.

Tiger Airways ended the year with 26 A320 Family aircraft, 14 operated by Tiger Airways Singapore, 10 operated by Tiger Aircraft Australia and two A319s subleased to Seair. It is maintaining its plan to grow its fleet to 35 Airbus A320-family aircraft by 31 March 2012, a net increase of nine aircraft.