Tiger Airways Australia drags group to USD45 million loss in 2008/09

Tiger Aviation reports (08-Dec-2009) the following financial highlights for the 12 months ended 31-Mar-2009:

• Revenue: USD275.4 million, +23.9% year-on-year;
• Operating costs: USD305 million, +43.6%;
  • Fuel: +62%;
• Operating profit (loss): (USD34 million), compared to a profit of USD5.6 million in the previous corresponding period;
  • Tiger Airways Singapore: USD8.6 million;
  • Tiger Airways Australia: (USD45.3 million);
• Net profit (loss): (USD36.5 million), compared to a profit of USD8.9 million in the previous corresponding period.
• Passenger numbers: 3.2 million, +42%.

*exchange rate based on : 1 SGD = 0.717464 USD

Tiger Aviation: "We are pleased that despite the very challenging trading conditions last year, which included record highs for fuel costs, Tiger Airways Singapore recorded its second consecutive year of profitability. Our business in Australia experienced anticipated losses during its first full financial year of operations, which were also negatively impacted by the adverse impact of record high oil prices and foreign exchange volatility. The underlying positive performance of the operations in Australia resulted in additional growth in based aircraft from 4 to 7 new aircraft and the commencement of services from a second operating base in Adelaide, South Australia in March 2009," Tony Davis, chief executive. Source: Tiger Aviation, 08-Dec-09.