- POSTED: 23 Jul 2014 20:36
- UPDATED: 23 Jul 2014 20:39
Tiger Airways has reported a net loss of S$65.2 million for its fiscal first quarter ended in June, doubling the net loss of S$32.8 million in the same period a year ago.
SINGAPORE: Tiger Airways reported on Wednesday (July 23) a net loss of S$65.2 million for its fiscal first quarter ended in June, doubling the net loss of S$32.8 million in the same period a year ago.
Tiger Airways says the bottomline was hurt by one-time costs related to the shutting down of its loss-making Indonesian venture, Tigerair Mandala. Its share of the loss at Mandala amounted to S$35.3 million. In addition, Tiger Airways booked provision of S$14.6 million in relation to the shutdown.
Meanwhile, total revenue declined by 28.4 per cent to S$169 million.
Tigerair Singapore alone saw an operating loss of S$19.8 million for the April-June period, compared with an operating profit of S$5.9 million in the same period a year ago. But this was an improvement from the previous quarter when it booked an operating loss of $29.4 million.
Revenue climbed by 3.2 per cent to S$166 million.
Looking ahead, the Group says Tigerair Singapore continues to operate in a challenging environment due to persistent oversupply of capacity in the region.