Tiger Airways back in the black with $23.8m Q2 profit

BOOSTED by gains from the partial disposal of Tigerair Australia, Tiger Airways Holdings swung to a net profit of $23.8 million for the second quarter ended Sept 30, 2013, from a loss of $18.3 million a year earlier.

Revenue fell nearly 17 per cent to $163.8 million on the back of lower yields, as well as from the partial disposal of its operations Down Under, which caused total expenses to fall 15 per cent to $176.6 million.

In July, the group completed the sale of a 60 per cent stake in Tigerair Australia to Virgin Australia (VA), resulting in a one-time gain of $106.1 million recorded for Q2 FY2014.