Tiger sting in the tail

Wednesday, 21 May, 2012 0

Tiger Airways, partially owned by Singapore Airlines, has blamed its enforced shutdown in Australia for a US$81.9 million loss for the financial year ended March 31, 2012.

Chin Yau Seng, Tiger Airways group CEO, said the six-week suspension (on safety grounds) contributed significantly to the poor financial result, and led to the under-utilisation of Tiger’s fleet.

Tiger Airways confirmed it had signed off on a 33% equity investment in PT Mandala Airlines in January 2012, allowing the Indonesian carrier to resume operations in April.

Tiger is also putting the final touches to a deal to acquire, for US$7 million, a 40% equity stake in Philippines-based South-east Asian Airlines.



 

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Ian Jarrett



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