Tigerair makes $2.2m profit in Q3 last year, reversing loss in previous same quarter

Tigerair made a $2.2 million profit in the three months to the end of December, reversing a $118.5 million loss during the same quarter the year before that. -- ST PHOTO: JOYCE FANG
Tigerair made a $2.2 million profit in the three months to the end of December, reversing a $118.5 million loss during the same quarter the year before that. -- ST PHOTO: JOYCE FANG

SINGAPORE - Tigerair made a $2.2 million profit in the three months to the end of December, reversing a $118.5 million loss during the same quarter the year before that.

Total revenue improved by 5.9 per cent to $182.3 million while spending fell by 1.5 per cent to $178.2 million, the budget carrier said on Monday.

The turnaround was on the back of more passengers carried and higher yields.

The improved numbers reflect the success of the group's initiatives to focus on its Singapore operations in its execution of turnaround plan, the airline said.

Group chief executive officer Lee Lik Hsin said: "We had to make some difficult decisions in the turnaround process. Though we are not out of the woods yet, we are encouraged by the improving financial results."

To cut its losses, Tigerair recently closed its subsidiaries in Indonesia and the Philippines and also sold its stake in Tigerair Australia.

There is more focus now on the Singapore operations and driving partnerships, in particular with Singapore Airlines' long-haul budget arm, Scoot.