SINGAPORE: Tiger Airways Holdings on Tuesday (May 5) reported an operating loss of S$2.3 million in the quarter ending Mar 31, a 90.6 per cent decrease year-on-year from their loss of S$24.2 million in the same period a year ago.
Tigerair's net loss after tax fell to S$18.8 million, compared to S$95.5 million a year ago. The budget carrier attributed the improvement to stronger yield, lower cost and a higher load factor of 3.9 percentage points.
Total revenue for the quarter rose 5 per cent to S$172.2 million, from S$164 million, while total expenses fell 7.3 per cent to S$174.5 million, down from S$188.2 million.
The Singaporean carrier also noted that it would have recorded an operating profit of S$4 million if not for a revision of its aircraft depreciation policy and reassessment of maintenance provisions for leased aircraft.
Tigerair said that it will tackle the issue of surplus capacity in the industry by continuing to optimise its fleet size to improve yields and loads. It will also benefit from lowered oil prices as hedged oil contracts expire.
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