Tiger Airways Group revenue up 29.4%, returns to profitability in 3QFY2010

Tiger Airways Group revenue up 29.4% - consolidated financial highlights for the three months ended 31-Dec-2009:

• Revenue: USD99.0 million, +29.4% year-on-year;
  • Ancillary: USD17.7 million, +58.5%;
• Costs: USD82.3 million, +2.7%;
  • Fuel: USD29.6 million, -15.9%;
  • Aircraft rentals: USD12.3 million, +9.5%;
  • Labour: USD10.8 million, +47.6%;
• Operating profit: USD16.7 million, compared to a loss of USD3.6 million in the previous corresponding period;
• Profit before tax: USD11.6 million, compared to a loss of USD3.7 million in the previous corresponding period;
• Net profit: USD10.0 million, compared to a loss of USD5.5 million in the previous corresponding period;
• Passenger numbers: 1.3 million, +53.8%;
• Passenger load factor: 87.6%, +4.6 ppts;
• Average passenger fare: USD62.6, -19.1%;
• Average ancillary revenue per passenger: USD13.5, +3.2%;
• Revenue per ASK: USD 5.04 cents, +5.5%;
• Cost per ASK: USD 4.19 cents, -16.3%;
• Cost per ASK excl fuel: USD 2.68 cents, -4.3%. [more]

*Based on the conversion rate at USD1 = SGD1.41

Tiger Airways: "We believe that our focus on cost containment and our offer of lower fares to customers will continue to bear fruit heading into the fourth quarter. Forward bookings for the remainder of the financial year continue to be healthy and broadly in line with the recent trend. In light of the improving economic environment in the Asia Pacific region, we will continue to look at opportunities to set up new operating airlines, and to grow our existing businesses," Company statement. Source: Tiger Airways, 26-Feb-2010.