Tiger confirms profit surge
SINGAPORE – Tiger Aviation has confirmed strong passenger growth of 73.7% for the three months ending June 30, 2008 compared to the year before and released the audited profit figures for Tiger Airways Singapore culminating in a net profit after tax of SGD $37.8 million for the year ending March 31, 2008.
Tiger Aviation CEO and president Tony Davis said, “The last financial year was a very good year for Tiger Aviation as we successfully transitioned into a group structure, launched Tiger Airways Australia and our airline in Singapore achieved a substantial trading profit in its third full year of operations.â€
Tiger Airways Singapore confirmed key highlights from its 2007/08 financial performance included:
– Net profit after tax of S$37.8m from a net loss after tax of S$14.3m the previous year
– Total revenues increased by 56% to S$271m
– Trading margin increased by 16.6 points from -7.8% to 8.8%
– Cash balances increased over 400% from S$3.9m to S$19.6m
– No increase in shareholder funds which remain at S$24.4m
“Even with the challenging market conditions and current oil prices we remain confident about the long term success of both our Asian and Australian based airlines,” Davis said
Tiger Aviation group first quarter FY 2008/09 highlights included:
– 73.7% increase in passengers carried over previous year
– 64.9% increase in seat capacity
– Load factor increased by 4.1 points
– 57.8% increase in revenue.
Ian Jarrett
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