Airline Transport World is also reporting a healthy turnaround for Tiger Aviation Group . . .
Airline Transport World
26th February 2010
Tiger Airways and Tiger Airways Australia parent Tiger Aviation Group posted a net profit of S$14.1 million in the fiscal third quarter ended Dec. 31, reversed from a S$7.9 million loss in the year-ago period.
Third-quarter operating profit was S$23.5 million, boosted by a 29% year-over-year increase in revenue to S$139.5 million.
President and CEO Tony Davis said the turnaround was "driven by traffic growth across both our airlines, increasing ancillary revenues and a focus on cost containment." Unit cost fell 16% and CASK excluding fuel was cut 4%.
"With this result, our year-to-date underlying operating profit, excluding fuel hedging losses of S$22.2 million and IPO-related expenses of S$7.6 million, was S$36.6 million, a S$68 million turnaround from the previous financial year," Davis said. Load factor rose 4.6 points to 87.6% on a 23.3% lift in capacity to 1.96 billion ASKs.