Tiger Airways performs well: CEO Tony Davis
Tiger Airways President and CEO, Tony Davis, stated the carrier is continuing to perform well despite the global financial downturn, due to improved fuel prices, interest rates and a weaker US Dollar and the carrier’s cautious management (Dow Jones, 09-Nov-2009).
Tiger Airways: "From our perspective, the current environment is actually better than last year, because we are seeing lower fuel prices, lower interest rates, and the US dollar has weakened…We are seeing very strong demand for our type of product. So while the International Air Traffic Association is predicting doom and gloom for the legacy type of airlines, we are actually expecting this year to be very good…We have managed the business very carefully; the last capital injection into the business was in 2005. We've got limited debt; the debt that we have is all associated with aircraft payments and deliveries of aircraft. It's easy to justify spending a bit more in good times, but it comes back to haunt you a bit later. We didn't fall into that trap. The paid-up capital of the business is still SGD24.3 million (USD17.4 million), so we haven't had to keep going back to our shareholders for funds," Tony Davis, President and CEO. Source: Dow Jones, 09-Nov-2009.