Tiger Airways Holdings losses widen in 1QFY2015

Tiger Airways Holdings revenue down 28% - financial highlights for three months ended 30-Jun-2014:

• Total revenue: SGD169.0 million (USD134.9 million), -28.4% year-on-year;
• • Ancillary: SGD36.7 million (USD29.3 million), -30.5%;
• Total costs: SGD185.4 million (USD148.0 million), -23.5%;
• • Fuel: SGD79.4 million (USD63.4 million), -18.1%;
  • Airport and handling: SGD23.5 million (USD18.8 million), -13.1%;
  • Labour: SGD22.5 million (USD18.0 million), -37.5%;
• Operating profit (loss): (SGD16.4 million) (USD13.1 million), compared to a loss of SGD6.2 million (USD5.0 million) in p-c-p;
• Tigerair Singapore: (SGD19.8 million) (USD15.8 million), compared to a profit of SGD5.9 million (USD4.7 million) in p-c-p;
• Net profit (loss): (SGD65.2 million) (USD52.1 million), compared to a loss of SGD32.8 million (USD26.2 million) in p-c-p;
• Total assets: SGD885.1 million (USD706.5 million;
• Cash and cash equivalents: SGD166.8 million (USD133.2 million);
• Total liabilities: SGD669.0 million (USD534.0 million). [more - original PR]

*Based on the average conversion rate at USD1 = SGD1.2527

Tiger Airways Holdings: "Tigerair Singapore continues to operate in a challenging environment due to persistent oversupply of capacity in the region. The cessation of operations by Mandala has led to the return of four aircraft to the Group, even as plans for the grounding of eight other aircraft in FY15 are being executed. The Group will seek to place out the surplus aircraft. The Group continues to focus on cost discipline, rationalising its network and improving operational efficiency." Source: Company statement, 23-Jul-2014.