SINGAPORE - Budget carrier Tigerair has reported a $12.8 million net loss for the second quarter ended Sept 30.
The loss was 93 per cent lower than the $182.4 million loss reported a year ago, the airline said on Friday morning (Oct 23).
The absence of losses related to the divestment of a 40 per cent stake in Tigerair Australia and the provision for onerous aircraft leases, both of which were recorded in the corresponding quarter a year ago, contributed to the carrier's improved bottomline.
Operating loss narrowed to $10.4 million, compared to $25.3 million recorded in the year-ago quarter, mainly due to better performance in Singapore.
Group revenue was $167.9 million, up by 12.8 per cent from a year ago, while yields improved by 8.2 per cent,
Total spending grew by a smaller 2.4 per cent year-on-year to $178.3 million.
While fuel prices are lower now, the savings were partially eroded by higher maintenance charges, higher aircraft rentals and appreciation of the US dollar against the Singapore currency.
The latest numbers translate into a half year operating loss of $9.9 million compared to a $41.7 million operating loss a year ago.
Revenue in the April to September half rose 4.9 per cent to $336.2 million.
Overall, the net loss for the six months narrowed "significantly" to $14.4 million, from $247.6 million a year ago.
The airline's chief executive officer, Lee Lik Hsin, said, "We are encouraged by the narrowing of losses in a seasonally weak second quarter. We will work hard to deliver further improvements for the months ahead."
Looking forward to the traditionally strong October to December season, Tigerair said the airline will capitalise on yield improvement opportunities during the holiday season.
New services to Lucknow in India and a return of services to Lijiang, China, are scheduled before the end of the year.
Quarterly loss per share was 0.51 cents from 16.39 cents a year earlier. Net asset value per share was 8.37 cents as of Sept 30 from 8.63 cents on March 31.