Tiger Airways posts Q3 net loss of $118.5m

TIGER Airways Holdings has posted a net loss of $118.5 million for the third quarter ended Dec 31, 2013 - buffeted by a $30.3 million loss from its planned divestment of Tigerair Philippines and a $58 million impairment of associates. It also recorded $23.1 million in share of losses of associates.

Third-quarter revenue for financial year 2014 slumped 30.5 per cent to $172.1 million, while total expenses declined 21.3 per cent to $180.9 million. Both were lower due to the exclusion of Tigerair Australia which ceased to be a subsidiary last year, following the divestment of a 60 per cent stake to Virgin Australia.

As a result, the group recorded an operating loss of $8.8 million, against an operating profit of $17.9 million previously. Net profit for the same quarter a year earlier came to $2 million.