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Tiger Airways has recorded a loss after tax of $17.4 million for the quarter ending December 31, 2011. This is in contrast to a $22.5 million profit after tax for the same quarter in 2010.
The loss after tax for the nine months ending Dec 31, 2011 was $87.9 million, as compared to a profit after tax of $38.5 million for the same quarter last year.
The group attributed the financial results to the under-utlisation of its Australian aircraft fleet following the suspension by the Civil Aviation Authority of Australia (CASA) in the prior quarter, it said. It announced the results on Monday evening.
The reduced flying programme as a result of the suspension saw a 12 per cent fall in passenger numbers and a 2.7 per cent drop in seat capacity.
The reduced programme has also resulted in the fleet operating a smaller network and schedule as compared to before the suspension.
Despite the decrease in passenger numbers, the passenger seat revenue increased by 2.8 per cent to $139.9 million from $136.1 million, the group said.
As a move to expand in the region, Tiger Airways had also purchased a 33 per cent stake in Indonesia-based PT Mandala Airlines in Indonesia.
Tiger Airways also plans to utilise all ten aircraft in Australia by the second half of 2012, which will entail additional frequencies on existing routes, introduction of new routes and the establishment of a second base in Australia.
The group revealed that its Singapore operations continues to generate reasonable load factors, albeit at lower year-on-year levels. It will also commence new services to Dhaka, Bangladesh in March 2012.
Although the group is focused on returning to profitability, it still "expects to report a significant net loss for the financial year largely as a result of the CASA suspension in Australia, the under-utilisation of the aircraft fleet and exposure to high and volatile jet fuel prices."
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The loss after tax for the nine months ending Dec 31, 2011 was $87.9 million, as compared to a profit after tax of $38.5 million for the same quarter last year.
The group attributed the financial results to the under-utlisation of its Australian aircraft fleet following the suspension by the Civil Aviation Authority of Australia (CASA) in the prior quarter, it said. It announced the results on Monday evening.
The reduced flying programme as a result of the suspension saw a 12 per cent fall in passenger numbers and a 2.7 per cent drop in seat capacity.
The reduced programme has also resulted in the fleet operating a smaller network and schedule as compared to before the suspension.
Despite the decrease in passenger numbers, the passenger seat revenue increased by 2.8 per cent to $139.9 million from $136.1 million, the group said.
As a move to expand in the region, Tiger Airways had also purchased a 33 per cent stake in Indonesia-based PT Mandala Airlines in Indonesia.
Tiger Airways also plans to utilise all ten aircraft in Australia by the second half of 2012, which will entail additional frequencies on existing routes, introduction of new routes and the establishment of a second base in Australia.
The group revealed that its Singapore operations continues to generate reasonable load factors, albeit at lower year-on-year levels. It will also commence new services to Dhaka, Bangladesh in March 2012.
Although the group is focused on returning to profitability, it still "expects to report a significant net loss for the financial year largely as a result of the CASA suspension in Australia, the under-utilisation of the aircraft fleet and exposure to high and volatile jet fuel prices."
[email protected]
