The number of passengers rose 42.4 per cent to 3.2 million people as the airline soared above the economic turbulence that has affected competitors, Tiger Aviation Group chief executive Tony Davis said.

'Tiger Airways is delighted to be bucking the industry trend being repeated by legacy airlines around the world of doom and gloom,' Davis said.

'This environment of lower oil prices, slightly weaker US dollar and an economic climate which is forcing people to address their expenditure... means that it is a particularly good time for us to grow our business.'

For the final quarter of 2008 when the global downturn gathered pace, Tiger Airways carried 7.6 per cent more passengers compared with the same period the year before. Tiger Airways, which is not listed on the stock market, does disclose its earnings.

Davis told reporters there was 'no pressing need' for a public listing as 'we don't have any underlying debt, operating debt at the moment.'

The carrier, 49-per cent owned by Singapore Airlines, said capacity expanded 11.4 per cent year-on-year in the fourth quarter with the delivery of two Airbus A319s and one A320, raising the carrier's total fleet to 16.

The global downturn has hit the pockets of premium carriers like Singapore Airlines (SIA), Japan Airlines, Hong Kong's Cathay Pacific and Australia's Qantas.

Davis said business was good for budget carriers. Tiger Airways is further expanding services in Asia and Australia and is looking to accelerate aircraft deliveries over the next three years. It has a total 56 new aircraft, all A320s, on order for delivery through to 2016.

Tiger Airways currently operates from hubs in Singapore and the Australian cities of Melbourne and Adelaide. It services 32 destinations across nine countries in Asia and Australia. -- AFP