Tigerair Q1 loss narrows to $1.7 million

Tigerair reported a $0.6 million profit in the April - June quarter, compared to an operating loss of $16.4 million a year ago.
Tigerair reported a $0.6 million profit in the April - June quarter, compared to an operating loss of $16.4 million a year ago. PHOTO: ST FILE

SINGAPORE - Tigerair has reported a $1.7 million net loss in the three months ended June 30, narrowing from a $65.2 million loss in the same quarter a year ago.

Group revenue was down 2 per cent year-on-year to $168.3 million, the budget airline said before trading began on Wednesday.

Total spending fell by 10.8 per cent to $167.7 million, mainly due to lower fuel prices.

This was, however, partially, offset by a $4.1 million increase in expenses arising from changes in accounting estimates for maintenance provisions and aircraft depreciation policy.

At the operating level, Tigerair reported a $0.6 million profit in the April - June quarter, compared to an operating loss of $16.4 million a year ago.

The airline's chief executive officer, Lee Lik Hsin, said, "We are encouraged by our improving results, and will continue to work towards a return to full-year profitability."

The period between July and September is a seasonally weak quarter but Tigerair expects to keep up the recovery momentum amid a challenging operating environment, the carrier said.

Tigerair will continue to explore all opportunities for synergies with Singapore Airlines' long-haul budget carrier Scoot and the rest of the SIA group, the airline added.

The budget carrier reported a loss per share of 0.07 cents from a loss per share of 5.87 cents a year ago, while net asset value per share inched up slightly to 9.08 cents 8.63 cents as at March 31.K