Tiger reports USD20.4m net profit in FY2010

Tiger Airways reports (13-May-2010) the following financial highlights for the 12 months ended 31-Mar-2010:

• Revenue: USD351.6 million*, +28.6% year-on-year;
  • Ancillary: +87.5%;
• Operating costs: USD331.3 million, +7.7%;
  • Fuel (Actual): -11.6%;
• Operating profit (loss): USD20.3 million, compared with a loss of USD34.3 million in the corresponding period last year;
• Net profit (loss): USD20.4 million, compared with a loss of USD36.7 million in the corresponding period last year;
• Passenger numbers: 4.8 million, +53.8%;
• RPK: +29%;
• ASK: +21.5%;
• Passenger load factor: 85.1%, +5.7 ppts;
• Cost per ASK: -11.7%. [more]

* Based on the exchange rate: 1 SGD = 0.723083 USD

Tiger Airways: "The improving economic environment in the Asia Pacific region and the maturity of our businesses will provide the support for continued expansion of our existing operations and to investigate the possibility of establishing new 'cubs' in the region. To support our growth plans, we have seven Airbus A320 aircraft scheduled for delivery during the financial year ending 31-Mar-2011. These aircraft will be allocated to our subsidiary airline businesses on a profit maximisation basis ... In the near term, forward bookings continue to be firm and in line with the recent trend," Company Statement. Source: Tiger Airways, 13-May-2010.