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Tiger Airways narrows loss for Q2

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Higher passenger seat revenue helped budget carrier Tiger Airways to narrow its loss for its fiscal second quarter.

HIGHER passenger seat revenue helped budget carrier Tiger Airways to narrow its loss for its fiscal second quarter.

It posted a net loss of S$12.76 million for the three months ended Sept 30, 2015 - 93 per cent smaller than the S$182.38 million loss the previous year.

This worked out to a quarterly loss per share of 0.51 Singapore cent, from a loss per share of 16.39 Singapore cents for the corresponding period last year, the airline said in a Singapore Exchange filing on Friday.

The bottomline was also lifted by an absence of losses related to divestment of a 40 per cent stake in Tigerair Australia and provision for onerous aircraft leases, the airline said in its statement. The improvement was also on the back of a 12.8 per cent climb in revenue to S$167.89 million.

It said that the period between October and December was "a seasonally peak quarter", and it plans to "capitalise on the yield improvement opportunities during the holiday season". "New services to Lucknow, and a return of services to Lijiang, are scheduled before the end of the year."

Tiger Airways is a subsidiary of Singapore Airlines.