Tiger Singapore returns to operating profit, Tiger Australia operating loss narrows in 4QFY2013

Tiger Airways revenue up 49% -financial highlights:

• Three months ended 31-Mar-2013:
  • Total revenue: SGD240.6 million, +49.4% year-on-year;
    • Passenger seat: SGD188.0 million (USD151.2 million), +44.3%;
    • Ancillary: SGD52.7 million (USD42.4 million), +71.0%;
  • Total costs: SGD227.9 million (USD183.4 million), +27.9%;
    • Fuel: SGD100.0 million (USD80.5 million), +35.0%;
    • Labour: SGD35.1 million (USD28.2 million), +30.7%;
  • Operating profit: SGD12.7 million (USD10.2 million), compared to a loss of SGD17.2 million (USD13.8 million) in p-c-p;
    • Tiger Singapore: SGD21.5 million (USD17.3 million), compared to a loss of SGD6.7 million (USD5.4 million) in p-c-p;
    • Tiger Australia: (SGD15.1 million) (USD12.1 million), compared to a loss of SGD17.7 million (USD14.2 million) in p-c-p;
  • Net profit (loss): (SGD15.4 million) (USD12.4 million), compared to a loss of SGD16.4 million (USD13.2 million) in p-c-p;
  • Passenger numbers: 1.9 million, +43.6%;
  • Passenger load factor: 84.6%, +4.5 ppts;
  • Breakeven load factor: 81.9%, -8.2 ppts;
  • Average fare: SGD100.4 (USD80.8), +0.5%;
  • Yield: SGD 8.10 cents (USD 6.5 cents), +7.6%;
  • Cost per ASK: SGD 6.63 cents (USD 5.3 cents), -2.4%;
  • Cost per ASK excl fuel and forex: SGD 3.8 cents (USD 3.1 cents), -1.3%;
• 12 months ended 31-Mar-2013:
• Total revenue: SGD866.2 million (USD697.0 million), +40.1%;
  • Passenger seat: SGD686.0 million (USD552.0 million), +37.2%;
  • Ancillary: SGD180.2 million (USD145.0 million), +52.6%;
• Total costs: SGD858.9 million, 691.1 million), +22.4%;
  • Fuel: SGD367.4 million (USD295.6 million), +23.7%;
  • Labour: SGD123.9 million (USD99.7 million), +20.6%;
• Operating profit: SGD7.3 million (USD5.9 million), compared to a loss of SGD83.4 million (USD67.1 million) in p-c-p;
• Net profit (loss): (SGD45.4 million) (USD36.5 million), compared to a loss of SGD104.3 million (USD84.0 million) in p-c-p;
• Passenger numbers: 6.8 million, +25.3%;
• Passenger load factor: 83.9%, +2.6 ppts;
• Breakeven load factor: 84.8%, -8.6 ppts;
• Average fare: SGD100.2 (USD80.6), +9.5%;
• Yield: SGD 7.85 cents (USD 6.3 cents), +9.2%;
• Cost per ASK: SGD 6.65 cents (USD 5.4 cents), -1.0%;
• Cost per ASK excl fuel and forex: SGD 3.80 cents (USD 3.1 cents), -1.8%. [more - original PR]

*Based on the average conversion rate at USD1 = SGD1.2428

Tiger Airways: "Tiger Singapore is expected to continue to perform strongly as it consolidates its competitive position by offering new routes and increased frequencies. It will increase its capacity by about 25% by the end of FY14. The two associate airlines, Mandala and SEAir, continue to build up their presence in their respective markets and will take time to turn profitable. Mandala will benefit from the recent expansion of traffic rights between Singapore and Indonesia, enabling growth of its operations. SEAir is working towards gaining traction in the Philippines market through network expansion, and increased distribution and payment channels. The Group expects to deliver a positive operating performance following the completion by mid-July of the Tiger-Virgin joint venture in Australia. The Group also expects to continue to make strategic investments in its associates, Mandala and SEAir, in FY14." Source: Company statement, 17-May-2013.