Tigerair has reported a $1.7 million net loss in the three months to June 30, narrowing sharply from a $65.2 million loss in the same quarter a year ago.
Group revenue for the first quarter was down 2 per cent at $168.3 million, the budget airline said. Total spending fell by 10.8 per cent to $167.7 million, mainly due to lower fuel prices.
This was 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 $600,000 profit in the April to June quarter, compared with an operating loss of $16.4 million a year ago. The budget carrier reported a loss per share of 0.07 cent, down from 5.87 cents a year ago, while net asset value per share inched up slightly to 9.08 cents, compared with 8.63 cents as at March 31.
The controlling shareholders of CWT are exploring a sale of their stakes in the logistics company, people with knowledge of the matter said. The parties are working with investment banks and could reach out to potential buyers in the next few months, the sources said, asking not to be identified as the process is private.
Under Singapore listing rules, a purchase of their stakes would trigger a general offer for the rest of CWT, which has a market value of $1.3 billion.
CWT, founded in 1970, employs about 6,000 people and offers services that include commodity logistics, freight forwarding, warehousing and defence procurement. It also controls MRI Group, a trader of base metals and petroleum products, and helps manage Cache Logistics Trust, which owns industrial property in Singapore, Australia and China.
HPH Trust has reported a 9 per cent rise in second-quarter net profit to HK$399.9 million (S$70.4 million). Revenue for the three months to June 30 edged up 2 per cent to HK$3.13 billion. An interim distribution per unit of 15.7 HK cents was declared.
HPH Trust said it has continued to increase its market share and achieved strong second-quarter results as management focused mainly on tariff and cost improvements. Management remains cautious on the volume outlook for the second half of the year, given the depressed EU market.