Tiger reports net loss of S$49.9m in fiscal Q2

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Tiger Airways has posted a net loss of Singapore dollar (S$) 49.9 million ($39 million) in its fiscal second quarter 2011, compared with a net profit of S$14.1 million for the same quarter a year ago.

The financial results for the quarter ended 30 September 2011 were impacted by the suspension of Tiger Airways Australia's services, and the subsequent under-utilisation of the domestic fleet, said the carrier.

Its revenues declined by 23.4% to S$110 million from S$143 million posted in the corresponding quarter a year ago. Total expenses for the airline were up by 12.9% to S$151 million.

Tiger Airways' operating loss for the quarter amounted to S$41.2 million, against the operating profit of S$9.62 million in the same quarter last year.

ASKs for the quarter fell 6% and passenger numbers dropped by 23.2% to 1.10 million, while passenger load factor fell by 7.3 percentage points to 79.7%.

The carrier ended the quarter with cash and cash equivalents of S$64 million, compared with S$193 million posted at the end of the fiscal second quarter the year prior.

For the first half the airline recorded a net loss of S$70.5 million compared with the net profit of $16 million posted in the first half of 2010.

The Group expects to record a significant net loss for the financial year, due to the losses generated by Tiger Airways Australia as a result of the Australian Civil Aviation Safety Authority (CASA) suspension and the Group's exposure to high and volatile jet fuel prices, the carrier added.