Tiger Airways reports operating loss in 3QFY2012, expects 'significant' loss in FY

Tiger Airways revenue down 1% - financial highlights for three months ended 31-Dec-2011:

• Total revenue: USD133.8 million, -1.2% year-on-year;
  • Ancillary: USD22.6 million, -17.3%;
• Total costs: USD144.1 million, +26.0%;
  • Fuel: USD60.1 million, +38.3%;
  • Labour: USD20.1 million, +17.6%;
• Operating profit (loss): (USD10.3 million), compared to a profit of USD21.1 million in p-c-p;
  • Tiger Singapore: (USD3.8 million), compared to a profit of USD15.4 million in p-c-p;
  • Tiger Australia: (USD6.8 million), compared to a profit of USD4.7 million in p-c-p;
• Net profit (loss): (USD13.9 million), compared to a profit of USD17.9 million in p-c-p;
• Passenger numbers: 1.3 million, -12.1%;
• Passenger load factor: 79.5%, -8.4 ppts;
• Average fares: USD86.1, +16.9%;
• Yield: USD 6.27 cents, -4.1%;
• Cost per ASK: USD 5.40 cents, +12.0%;
• Cost per ASK excl fuel and forex: USD 3.26 cents, +11.4%;
• Average sector length: 1643 km, +15.2%;
• Total assets: USD860.7 million, +8.3% when compared to period ended 31-Mar-2011;
• Cash and cash equivalents: USD154.6 million, -0.6% when compared to period ended 31-Mar-2011;
• Total liabilities: USD654.2 million, +2.2% when compared to period ended 31-Mar-2011. [more - original PR]

*Based on the conversion rate at USD1 = SGD1.25886

Tiger Airways: "Tiger Airways Singapore continues to generate reasonable load factors, albeit at lower year-on-year levels. The capacity increases during the course of last calendar year will be consolidated, including frequency adjustments as appropriate. The Group expects to report a significant net loss for the financial year largely as a result of the CASA suspension in Australia, the under-utilisation of the Group's aircraft fleet and exposure to high and volatile jet fuel prices." Company statement. Source: Tiger Airways, 30-Jan-2012.