Tiger Airways Holdings operating loss widens, impacted by higher airport and handling charges

Tiger Airways Holdings revenue down 17% - financial highlights for three months ended 30-Sep-2013:

• Total revenue: SGD163.8 million (USD129.2 million), -16.7% year-on-year;
• • Tigerair Singapore: SGD151.3 million (USD119.3), +13.8%;
  • Passenger seat: SGD124.1 million (USD97.8 million), -18.7%;
  • Ancillary: SGD39.8 million (USD31.4 million), -9.8%;
• Total costs: SGD176.6 million (USD139.3 million), -15.1%;
• • Fuel: SGD78.0 million (USD61.5 million), -9.8%;
  • Labour: SGD22.2 million (USD17.5 million), -22.3%;
• Operating profit (loss): (SGD12.8 million) (USD10.1 million), compared to a loss of SGD11.5 million (USD9.1 million) in p-c-p;
• • Tigerair Singapore: (SGD18.1 million) (USD14.3 million), compared to a profit of SGD4.8 million (USD3.8 million) in p-c-p;
• Net profit: SGD23.8 million (USD18.8 million), compared to a loss of SGD18.3 million (USD14.4 million) in p-c-p;
• Passenger numbers: 1.2 million, +19.9%;
• Passenger load factor: 78.5%, -3.6 ppts;
• Breakeven load actor: 88.9%, +8.0 ppts;
• Fare per passenger: SGD96.4 (USD76.0), -6.6%;
• Yield: SGD 6.65 cents (USD5.2 cents), -5.6%;
• Cost per ASK: SGD5.94 cents (USD 4.7 cents), +3.6%;
• Cost per Ask excl fuel and forex: SGD 3.34 cents (USD 2.6 cents), +7.9%;
• Average sector length: 1829 km, +1.7%;
• Total assets: SGD1164 million (USD918.2 million);
• Cash and cash equivalents: SGD332.6 million (USD262.3 million);
• Total liabilities: SGD664.7 million (USD524.2 million). [more - original PR]

*Based on the average conversion rate at USD1 = SGD1.268

Tiger Airways Holdings: "The Group posted a net profit for the second quarter, after taking into account the gain on partial disposal of Tigerair Australia. Our bottom line was nevertheless impacted by higher airport and handling charges following our relocation from Changi Airport's Budget Terminal to Terminal 2, and losses in the associate airlines in Australia, Indonesia and the Philippines," Koay Peng Yen, CEO. Source: Company statement, 24-Oct-2013.