SINGAPORE (Yosefardi) – Tiger Airways Holdings Limited (Tigerair) has reported a $12.8 million net loss for the second quarter ended 30 September 2015. The loss was 93.0% lower than the $182.4 million loss reported a year ago.
The absence of losses related to divestment of a 40% stake in Tigerair Australia and provision for onerous aircraft leases, both of which were recorded in 2QFY15, contributed to this improvement in the financial performance.
Operating loss narrowed to $10.4 million, compared to $25.3 million recorded in the previous corresponding quarter, mainly attributable to improved performance for airline operations in Singapore.
Group revenue was $167.9 million, up by 12.8% from $148.9 million. At the end of first half, the Group generated positive cash flows of $16.7 million from core operations.