Tigerair licks its wounds from $24m losses this quarter

No thanks to its associate airlines.

According to OCBC, Tigerair’s (TR) 2QFY14 revenue fell 16.7% YoY to S$163.8m due to the exclusion of Tigerair Australia (TRA), which had been deconsolidated as of Jul.

Nonetheless, despite the 13.8% YoY increase in revenue by Tigerair Singapore (TRS) to S$151.3m, higher unit costs and service charges resulted in lower passenger yields and a widening of operating losses to S$12.8m from -S$11.5m in 2Q13.

Here's more from OCBC:

Losses from TR’s associate airlines also continued, clocking in at almost S$24m for the quarter (-S$26.6m in 1Q14; -S$3.8m in 2Q13).

Only with the one-off gain from TRA’s disposal did TR record a net profit of S$23.8m.

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