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Tiger Airways posts S$18.8m loss for Q4
TIGER Airways on Tuesday reported a net loss of S$18.8 million or 0.75 Singapore cent per share for its fourth quarter FY2015, an improvement from the S$95.5 million loss or loss per share of 8.59 cents a year ago.
For the full year at the end of March 2015, net loss was S$264.2 million, worse than the previous year's S$223 million.
This is the third consecutive financial year that the group has recorded pre-tax losses, it said in a filing on Singapore Exchange.
Stronger yield, higher load factor and lower fuel cost helped narrow the fourth quarter's operating loss by 90.6 per cent to S$2.3 million.
"The group revised its aircraft depreciation policy following a review of its fleet plan. It also re-assessed the maintenance provisions for leased aircraft. Stripping out these two non-cash adjustments, the group would have recorded an operating profit of S$4 million," it said.
Revenue for Q4 grew 5 per cent to S$172.2 million, while total expenses improved by 7.3 per cent to S$174.5 million.
In its outlook, the group said there continues to be surplus capacity in the industry which would have downward pressure on yields.
Still, the group expects to continue making headway in its turnaround effort, by optimising fleet size and improving yields and loads.
It said it will also benefit progressively from lower oil prices, as the proportion of older fuel hedging contracts undertaken before the fall in price decreases.