Tigerair Q4 net loss narrows to $18.8 million, full-year loss at $264.2 million

Singapore budget carrier Tigerair has narrowed its net loss to $18.8 million for the three months to March 31, 2015, from a $95.5 million loss for the same period last year. -- ST PHOTO: JOYCE FANG
Singapore budget carrier Tigerair has narrowed its net loss to $18.8 million for the three months to March 31, 2015, from a $95.5 million loss for the same period last year. -- ST PHOTO: JOYCE FANG

SINGAPORE - Singapore budget carrier Tigerair has narrowed its net loss to $18.8 million for the three months to March 31, 2015, from a $95.5 million loss for the same period last year.

At the operating level, the loss fell to $2.3 million, compared to $24.2 million a year ago.

The improved performance was on the back of stronger yield, more seats being filled per aircraft and lower fuel cost, the airline said on Tuesday.

For the full year to March 31, net loss after tax was $264.2 million, higher than last year's loss of $223 million.

But operating loss narrowed to $39.9 million compared to $52 million a year ago.

Total revenue for the year was $677.4 million, compared to $746.5 million for the 12 months before that.

The airline's chief executive officer, Lee Lik Hsin, said: "Our turnaround efforts continue to bear fruit. More than half of the recovery in operating performance came from stronger yields and load factors, while the remainder came from lower fuel price."

Looking ahead, the airline said in a media statement following the release of its results that there continues to be surplus capacity - with airlines offering more seats than travellers demand - in the industry.

Still, Tigerair expects to continue making headway in its turnaround effort, by optimizing fleet size and improving yields and loads.

The airline will also continue to work closely with its key shareholder, Singapore Airlines and SIA's long-haul budget arm, Scoot, to enhance connectivity and expand market access, Tigerair said.