Tiger Airways Holdings operating loss narrows in 2QFY2013

Tiger Airways Holdings revenue up 79% - financial highlights for three months ended 30-Sep-2012:

• Operating revenue: SGD196.7 million (USD157.6 million), +78.9% year-on-year;
• Ancillary: SGD44.1 million (USD35.4 million), +102%;
• Operating costs: SGD208.2 million (USD166.9 million), +37.7%;
• Fuel: SGD86.4 million (USD69.3 million), +50.1%;
• Labour: SGD28.6 million (USD22.9 million), +18.0%;
• Operating profit (loss): (USD11.5 million) (USD9.2 million), compared to a loss of SGD41.2 million (USD33.0 million) in p-c-p;
  • Tiger Singapore: SGD4.8 million (USD3.8 million), compared to a loss of SGD12.0 million (USD9.6 million) in p-c-p;
  • Tiger Australia: (SGD20.0 million) (USD16.0 million), compared to a loss of SGD27 million (USD21.6 million) in p-c-p;
• Net profit (loss): (SGD18.3 million) (USD14.7 million), compared to a loss of SGD49.9 million (USD40.0 million) in p-c-p;
• Passenger numbers: 1.6 million, +49.6%;
• Passenger load factor: 82.9%, +2.9 ppts;
• Breakeven load factor: 89.5%, -22.5 ppts;
• Average fares: SGD93.0 (USD74.5), +15.8%;
• Yield: SGD 7.44 cents (USD 6.0 cents), +21.2%;
• Cost per ASK: SGD 6.66 cents (USD 5.3 cents), -3.1%;
• Cost per ASK excl fuel and forex: SGD 3.79 cents (USD3.0 cents), -5.3%;
• Average sector length: 1557 km, -2.6%;
• Total assets: SGD1007 million (USD806.9 million), -6.1% when compared to period ended 31-Mar-2012;
• Cash and cash equivalents: SGD107.2 million (USD85.9 million), -33.3% when compared to period ended 31-Mar-2012;
• Total liabilities: SGD790.4 million (USD633.5 million), -4.0% when compared to period ended 31-Mar-2012. [more - original PR]

*Based on the average conversion rate at USD1 = SGD1.2475 for the period

Tiger Airways: "Tiger Singapore will continue to grow capacity at a measured pace through flight frequency increases and this will in turn improve aircraft utilisation. The Group's associate airlines Mandala and SEAir are expected to operate at a loss for FY12-13. However, the Group remains optimistic about the long-term growth potential of the Indonesian and Philippines air travel markets, and will continue to seek ways to derive greater synergies from these existing partnerships." Source: Company statement, 30-Oct-2012.