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Tiger Airways pulling out of Darwin; kulula parent announces profit

16-Feb-2011

Tiger Airways Australia stated it will suspend indefinitely its operations in Darwin, citing a lack of demand and seasonability of operations. The carrier had planned to use Darwin as an international hub, operating to locations such as Denpasar, but had not secured regulatory approval for international flights. Darwin-Melbourne services were due to resume at the end of Mar-2011, having been suspended for seven weeks.

Tiger Airways, the parent of Tiger Airways Australia, operated Singapore-Darwin services in 2005. Shares in the carrier dropped 2.9% yesterday.

South Africa's Comair reported revenue increased 24.1% year-on-year to USD239.5 million over the second half of 2010. Operating profit at the company, which operates LCC kulula and flights on behalf of British Airways in South Africa, reported operating profit before depreciation rose 26.3% to USD20.3 million.

Comair stated its positive result was achieved despite a 30-40% increase in tariffs from state-owned service providers to the industry. Capacity increased 26%, through increased fleet utilisation and the introduction of three B737-800s. The carrier made USD15.0 million in deposits for the delivery of new aircraft from 2012.

Shares in Comair were down 1.7%

Selected PEA daily share price movements (% change): 15-Feb-2011


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