Tiger slashes Q1 loss; eyes profit for full year
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Singapore
LIFTED by the absence of now-defunct Tigerair Mandala, Tiger Airways saw its first-quarter net loss narrow to S$1.68 million from a hefty S$65.22 million a year ago when the corresponding quarter was hit by shutdown costs and losses from its Indonesian cub.
The budget carrier also clocked a group operating profit of S$552,000 for the three months ended June 30 (Q1FY16), versus a loss of S$16.4 million in Q1FY15, thanks to lower fuel costs and turnaround efforts that have seen it divest or shut down its bleeding overseas units, scale back capacity and build a stronger alliance with low-cost carrier (LCC) Scoot.
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