SINGAPORE (Yosefardi) – Tiger Airways Holdings Limited (Tigerair) reported a profit after tax of $23.8 million for the quarter ended 30 September 2013 (2QFY14), compared to a loss after tax of $18.3 million recorded in the previous corresponding quarter (2QFY13).
In spite of higher revenue from Tigerair Singapore, total revenue in 2QFY14 declined 16.7% to $163.8 million year-on-year, following the partial disposal of Tigerair Australia during the quarter.
Tigerair Singapore recorded a 13.8% increase in revenue to $151.3 million, driven by growth in traffic volume (+21.9%) but partially offset by weaker yield (-5.6%). Share of loss from Tigerair Mandala amounted to $7.7 million for the quarter.
Share of loss from Tigerair Philippines amounted to $9.0 million for the quarter. While share of loss from Tigerair Australia amounted to $7.3 million.
Tigerair Singapore will take delivery of three more Airbus A320s, ending the financial year with 26 aircraft. As it will take time for the additional capacity to be absorbed into the market, passenger load factor and yield are expected to face some near-term pressure.
Tigerair Mandala continues to grow its presence in Indonesia through international and domestic network expansion, and broaden its distribution channels through the appointment of more travel agents.
Tigerair Philippines continues to expand its route network and number of international flights, particularly from the Philippines to Hong Kong and Thailand. It has applied for air rights between the Philippines and Japan, following a bilateral agreement to increase flights between the two countries.