Tiger Airways reports deep losses in 2QFY2012, expects significant losses in full year

Tiger Airways revenue down 23% - financial highlights for three months ended 30-Sep-2011:

• Revenue: USD85.3 million, -23.4% year-on-year;
  • Ancillary: USD17.0 million, -26.8%;
• Total costs: USD117.3 million, +12.9%;
  • Fuel: USD44.7 million, +12.6%;
  • Labour: USD18.8 million, +26.7%;
• Operating profit (loss): (USD32.0 million), compared to a profit of USD7.5 million in p-c-p;
• Net profit (loss): (USD38.7 million), compared to a profit of USD10.9 million in p-c-p;
• Passenger numbers: 1.1 million, -23.2%;
• Passenger load factor: 79.7%, -7.3 ppts;
• Average passenger fares: USD62.32, +1.0%;
• Yield: USD 4.77 cents, -12.8%;
• Cost per ASK: USD 5.33 cents, +20.1%;
• Cost per ASK excl fuel and forex: USD 3.10 cents, +10.8%;
• Average sector length: 1598km, +12.1%;
• Total assets: USD759.1 million, -2.3% when compared to period ended 31-Mar-2011;
• Cash and cash equivalents: USD49.7 million, -67.3% when compared to period ended 31-Mar-2011;
• Total liabilities: USD659.0 million, +5.3% when compared to period ended 31-Mar-2011. [more - original PR]

*Based on the conversion rate at USD1 = SGD1.28848

Tiger Airways: "The Group is forecasting a lower load factor in the quarter ending 31-Dec-2011 compared to the 88.0% load factor recorded in the quarter ended 31-Dec-2010. Forward bookings are being closely monitored and seat capacity will be appropriately adjusted, if required, to optimise revenue. The Group expects to record a significant net loss for the financial year, due to the losses generated by Tiger Airways Australia as a result of the CASA suspension, and the Group's exposure to high and volatile jet fuel prices." Company statement. Source: Tiger Airways, 14-Nov-2011.