SINGAPORE (Yosefardi) – Tiger Airways Holdings Limited (Tigerair) has reported a loss after tax of $118.5 million, including $88.3 million in exceptional charges, for the quarter ended 31 December 2013 (3QFY14), compared to a profit after tax of $2.0 million recorded in the previous corresponding quarter (3QFY13).
At the operating level, total revenue declined by 30.5% to $172.1 million in 3QFY14, while total expenses fell 21.3% to $180.9 million year-on-year. The contraction in revenue and expenses in the quarter was mainly due to the exclusion of Tigerair Australia as the airline ceased to be a subsidiary with effect from 8 July 2013.
Furthermore, Tigerair Singapore reported lower revenue and higher expenses in 3QFY14. As a result, the Group recorded an operating loss of $8.8 million in 3QFY14, compared to previous quarter’s operating profit of $17.9 million.
For the nine months ended 31 December 2013, operating loss widened to $27.8 million, from $5.4 million recorded in the same period a year ago. Group loss after tax was $127.5 million, compared to the previous year’s loss after tax of $30.0 million.