Tiger Airways 3Q profits up to $14.1mln on traffic growth
Passenger numbers increased 54% resulting to revenue growth from $107.8 million to $139.5 million.
Compared to the 3rd quarter of the previous financial year, the net profit after tax for the quarter ended 31 December 2009 represents a $22 million turnaround. Passenger load factor was pushed to 88%, a 5 percentage points improvement versus the previous year, with passenger number growing at a faster pace than the increase in seat capacity.
President and Group CEO Tony Davis said, "We are pleased to deliver a strong financial result for the quarter ended 31 December 2009, driven by traffic growth across both our “Cubs” (a term we use to refer to our two operating airlines), increasing ancillary revenues and a focus on cost containment. With this result, our year to date underlying operating profit, excluding fuel hedging losses of $22.2 million and IPO related expenses of $7.6 million, was $36.6 million, a $68 million turnaround from the previous financial year."
Tiger Airways has commenced twice daily Hong Kong services in Singapore this month and is eyeing further expansion into Greater China and India.
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