Tiger Airways Q2 net loss narrows to S$18.3m

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Tiger Airways Holdings' net loss for the second quarter of its fiscal year narrowed to Singapore dollars (S$) 18.3 million ($15 million), from a net loss of S$49.9 million in the same period a year ago.

Group revenue for the quarter to 30 September rebounded by 78.9% to S$197 million from S$110 million in the same quarter of last year. Total expenses for the period rose by 37.7% to S$208 million, in line with the higher traffic volume.

Tiger Australia's operating loss decreased by S$7.2 million to S$20 million, as capacity increased more than five times compared with the same quarter last year. Revenue increased by S$53 million to S$62 million in the quarter.

Tiger Singapore swung to an operating profit of S$4.8 million for the quarter from an operating loss of S$12 million in the same period last year. Revenue growth, at 32.9%, outpaced the year-on-year increase in operating cost, as a result of higher passenger traffic and yield.

Tiger Singapore's passenger traffic rose by 11.8% year-on-year, while yield increased by 18.2% compared with Q2 2011. The passenger load factor increased by 1.2 percentage points to 82.1%.

For the first half of its fiscal year, the group recorded revenue of S$378 million, an increase of 30.9%, while expenses rose by 17.3% to S$401 million, as a result of an expanded aircraft fleet and higher operating capacity.

The group's net loss narrowed to S$32 million from the S$70.5 million loss recorded in the first half of 2011.

Tiger Airways ended the quarter with cash and cash equivalents of S$107 million, a 67.4% increase from a year ago.