Total revenue declined by 32.7% to $161.9 million in the fourth quarter, while total expenses fell 18.3% to $186.1 million year-on-year, mainly due to the exclusion of Tigerair Australia from the Group’s results, as the airline ceased to be a subsidiary from July 8, 2013.

Loss after tax of $95.5 million for the fourth quarter was largely attributed to $52.4 million in exceptional charges and $21.5 million in share of losses of associate and joint venture. Exceptional charges comprised a $25.0 million provision for a planned grounding of eight aircraft and a $27.4 million impairment of associate, while the share of losses of associate and joint venture included an $11.9 million provision relating to Tigerair Mandala. These exceptional charges and provisions, which amounted to $64.3 million, demonstrate the Group’s resolve to re-set its strategy and consolidate its capacity.

For the full fiscal year ended March 31, 2014, the Group recorded an operating loss of $52.0 million compared to an operating profit of $7.3 million year-on-year. Group loss after tax widened to $223.0 million, compared to the previous year’s loss after tax of $45.4 million.

Operations Review (fourth quarter)

Despite an increase in traffic volume (+13.4%), Tigerair Singapore’s revenue for 4Q declined by 4.5% to $159.0 million, as yield fell 16.3% and load factor dropped 9.1 percentage points to 75.1%. Unit cost rose by 2.2% as the increase in expenses (+29.9%) outpaced capacity growth (+27.1%). Consequently, Tigerair Singapore recorded an operating loss of $29.4 million for the quarter compared to an operating profit of $21.5 million a year ago.