SINGAPORE (Yosefardi) – Tiger Airways Holdings Limited reported an operating profit of $12.7 million for the quarter ended 31 March 2013 (4QFY13), a turnaround from the operating loss of $17.2 million recorded in the previous corresponding period (4QFY12), on the back of a 49.4% jump in Group revenue to $240.6 million, from $161.1 million
recorded in 4QFY12.
The revenue improvement was largely driven by a rise in passenger traffic (+38.1%), stronger yield (+7.5%) and higher load factor (+4.5 percentage points to 84.6%). Total expenses rose to $227.9 million or 27.9% higher year-on-year, in line with the increase in the level of business activity.
For the year ended 31 March 2013, the Group recorded an operating profit of $7.3 million, a reversal from an operating loss of $83.4 million reported in the previous year. Loss after tax of $45.4 million was a 56.5% improvement from the $104.3 million loss recorded a year ago.
The Group recognised $8.1 million in share of loss from its other associate airline, Mandala, for the quarter. The Group has an unrecognised share of cumulative losses in Mandala amounting to $13.3 million as at 31 March 2013. The airline currently operates a fleet of seven aircraft. More aircraft will be progressively added to build Mandala’s network.(written by Ferdi Hasiman)