Tiger Airways reports profits as revenue surges 45% in 1QFY2011

Tiger Airways revenue surge 45% - financial highlights for the three months ended 30-Jun-2010:

• Total revenue: USD107.2 million, +45.0% year-on-year;
  • Ancillary: USD21.4 million, +44.5%;
• Total costs: USD106.6 million, +35.9%;
  • Fuel: USD41.7 million, +74.6%;
  • Labour: USD13.2 million, +35.9%;
• Operating profit: USD591,034, compared to a loss of USD4.5 million in p-c-p;
• Net profit: USD1.4 million, compared to a loss of USD4.4 million in p-c-p;
• Passenger numbers: 1.5 million, +39.0%;
• Passenger load factor: 84.2%, +1.3 ppt;
• Average fares: USD57.18, +4.3%;
• Revenue per ASK: USD 4.74 cents, +24.2%;
• Cost per ASK: USD 4.71, +16.6%;
• Cost per ASK excl fuel and forex: USD 2.67 cents, +5.5%;
• Average sector length: 1,269 km, -14.9%;
• Net operating cash flow: USD5.2 million, compared to a negative cash flow of USD1.3 million in p-c-p;
• Cash and cash equivalents: USD146.8 million, compared to USD6.9 million in cash in p-c-p;
• Total assets: USD471.5 million, +8.7% when compared to period ended 31-Mar-2010;
• Total liabilities: USD352.8 million, +9.2%. [more]

*Based on the conversion rate at USD1 = SGD1.35356

Tiger Airways: "Going forward, we are capitalising on the strong economic growth and visitor arrivals data out of Singapore by committing to a 40% increase in the Tiger Singapore fleet over the next six months," Tony Davis, President and CEO. Source: Tiger Airways, 05-Aug-2010.

Tiger Airways: "The improving economic environment in the Asia Pacific region provides the basis for continued expansion of our existing operations. We intend to further grow our business through a proposed partnership with Thai Airways to establish a new low cost airline based in Thailand called Thai Tiger. To support our growth plans, we have an additional 9 new Airbus A320 aircraft scheduled for delivery during the financial year ending 31 March 2011, and we plan to return 2 of our current aircraft to their owner at the end of their respective leases. The fleet will therefore grow by a total of 7 additional aircraft, bringing the fleet size to 26 aircraft by March 2011. In the near term, forward bookings continue to be firm and in line with the recent trend," Company statement. Source: Tiger Airways, 05-Aug-2010.