Towards Financial Freedom
Tiger sinks deeper into loss for Q1
Tiger sinks deeper into loss for Q1. Tiger Airways Holdings reported net losses of SGD32.8m for the first quarter ended June 30, 2013, widening from a loss of SGD13.7m previously, weighed down by its loss-making associates. Revenue rose c.30% y-o-yr to SGD236.2m as passenger traffic grew by 32.6% while expenses grew in line by c.26% to SGD242.4m. Tigerair Singapore, reported an operating profit of SGD5.9m for the quarter, up 56.4% while Tigerair Australia posted lower operating losses of SGD17.3m, down from SGD21m y-o-y. Its share of losses from associates worked out to about $26.6 million, arising mainly from a reclassification of loans to net investment. The group warns that it would continue to see losses from associated airlines Tigerair Mandala and Tigerair Philippines as it keeps expanding in Indonesia and the Philippines. Shares in Tiger Airways closed unchanged at 62 cents yesterday. Its financial results were released after the close of the market. (Business Times)
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