- POSTED: 23 Jan 2014 20:42
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Tiger Airways has posted a loss after tax of S$118.5 million for the quarter ended 31 December 2013.
SINGAPORE: Tiger Airways has posted a loss after tax of S$118.5 million for the quarter ended 31 December 2013.
In a media statement, the budget carrier said the third quarter loss in its financial year 2013/14 was mainly due to exceptional charges of S$88.3 million, which consist of a S$30.3 million loss on the planned disposal of Tigerair Philippines and an impairment of associates of S$58.0 million in the quarter.
The firm also recorded S$23.1 million as its share of losses from its associates.
At the operating level, total revenue declined by 30.5 per cent to S$172.1 million in the third quarter. This is mainly due to the divestment of its Australian unit which took effect from 8 July 2013, and lower revenue from its Singapore unit.
The group also recorded an operating loss of S$8.8 million in the quarter under review.
Koay Peng Yen, group CEO of Tigerair, said: "Our third quarter operating performance was dragged down by industry overcapacity which had led to weaker yields and lower load factors.
"We recorded exceptional charges on losses from associates. Consequently, the disposal of Tigerair Philippines will put us on a better footing going forward."