Financial Round Up
Tigerair cuts losses in 4Q
May 11th 2015
Singapore’s Tigerair Group has announced a fourth-quarter net loss of S$18.8 million ($13.7 million), an 80.3% improvement over a net loss of S$95.5 million in the corresponding year-ago period, while its yield and load factor rose 12% and 3.9%, respectively. Read More »
Looking ahead, the Singapore Airlines (SIA) offshoot under the leadership of former SIA executive, Lee Lik Hsin, warned that surplus capacity in the industry would continue putting downward pressure on yields. However, he hoped greater collaboration with sibling Scoot and parent SIA would “put [Tigerair] on a firmer footing, and see continued headway in the turnaround effort, by optimizing fleet size and improving yields and loads.”
Tigerair Group reported a heavy $177 million loss for the full-year ended March 31, and as a result sold Tigerair Australia for $1 and closed down Indonesian subsidiary, Tigerair Mandala, after selling off Tigerair Philippines in January 2014.
