Tiger Airways’ fiscal third quarter profit soars

Tiger Airways Holdings Limited (Singapore) announced its results for the quarter ended 31 December 2010, the third quarter of the FY2010/11 financial year.

Profit before tax for the quarter ended 31 December 2010 was $30.2 million (all amounts are in Singapore $), an 85.3% increase over the $16.3 million profit recorded for the same quarter in the prior year. The Group recorded an 18% profit before tax margin for the quarter.

Revenue growth of 22.2% from $139.5 million to $170.4 million was ahead of both passenger and seat capacity growth of 13.4% and 13.0% respectively. Cost per Available Seat Kilometre (CASK) excluding fuel and foreign exchange difference reduced 3.2%. The Group load factor was 88.0% for the quarter.

Profit before tax for the 9 months ended 31 December 2010 was $46.8 million, an increase of 559% over the $7.1 million profit recorded in the 9 months to 31 December 2009.

From the Singapore base, new services were launched to Trichy and Trivandrum in India and to Manila during the quarter, while in Australia Tiger rolled-out the third domestic base at Avalon Airport. In December Tiger established the Airline Partner Program with South East Asian Airlines (SEAir) based out of Manila (Clark), which will provide significant operating cost savings going forward. Tiger is exploring opportunities to expand this partnership on routes beyond the current Manila (Clark) – Singapore route.

Copyright Photo: John Adlard. Please click on the photo for additional details about the Australian operation.

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