Tiger Airways on Friday reported a net loss of S$182.4 million for its second quarter ended Sept 30, 2014. This was a reversal from a net profit of S$23.8 million a year ago.
Total revenue fell 10.5 per cent to S$146.7 million, mainly due to the weaker operating performance of Tigerair Singapore, it said.
As part of its turnaround plan, it also announced that Virgin Australia plans to buy the remaining 40 per cent of loss-making unit Tigerair Australia from Singapore Airlines for A$1 (S$1.1).
In addition, Tigerair also plans to raise up to S$234 million in a renounceable non-underwritten 85-for-100 rights issue.
Tigerair's largest shareholder, Singapore Airlines (SIA), on Friday said it has undertaken to subscribe for its pro-rata entitlement as well as excess rights shares, up to a total of S$140 million in Tigerair.
It will also convert its perpetual convertible capital securities (PCCS) into shares, which will raise SIA's stake in Tigerair from 40 per cent to about 55 per cent before the rights issue.
Although this effectively makes Tigerair a subsidiary of SIA, the latter will not be making a general offer.
Telco M1 on Thursday said its net profit rose 12.7 per cent to S$44.5 million for its third quarter, driven by higher revenue.
Operating revenue, which includes service revenue and handset sales, was up 3.5 per cent at S$250.2 million.
It also said that it is shelving its plans to be a receiver of cross-carriage content through its MiBox Internet TV service. It has withdrawn its application for a nationwide TV licence, after weighing its cost and benefits.
Keppel Infrastructure Trust on Thursday said its Q3 net profit fell 12.5 per cent to S$3.3 million from S$3.8 million the previous year, while revenue dropped 5.7 per cent from S$17.1 million to S$16.1 million.
Meanwhile, Keppel Reit's Q3 distribution per unit dipped 6.1 per cent from a year ago to 1.85 cents, due to factors such as higher borrowing costs and trust expenses.
Its net property income grew 12.4 per cent to S$38.52 million on better performance at Ocean Financial Centre and 8 Exhibition Street in Melbourne, however.