Tiger Airways reports profit after tax of S$2.2 million
Total revenue improved by 5.9% to S$182.3 million in 3QFY15, while total expenses contracted by 1.5% to S$178.2 million year-on-year. This resulted in an operating profit of S$4.1 million, compared to an operating loss of S$8.8 million a year ago.
The improved performance was achieved on the back of stronger yield (+4.9%), higher load factor (+6.2 percentage point improvement) and lower capacity (-5.7%). This reflects the success of the Group's initiatives to focus on its Singapore operations in its execution of turnaround plan.
Lee Lik Hsin, Group CEO of Tigerair, said, "We had to make some difficult decisions in the turnaround process. Though we are not out of the woods yet, we are encouraged by the improving financial results. We are also heartened by strong shareholders' support of our rights issue." ■