Tiger’s missing accounts fuel new speculation
MELBOURNE – An article in today’s Sydney Morning Herald puts the spotlight on Tiger Airways and its failure to make a second deadline to lodge its full-year accounts, fuelling speculation that the Singapore Airlines-backed budget airline has failed to reveal the extent of its financial woes.
The airline has declined to explain why its holding company, Tiger Aviation, has not lodged its accounts for the year to March 31, after already obtaining a three-month extension from Singapore’s Accounting & Corporate Regulatory Authority in July.
The delay comes as the airline told the Herald it could postpone the delivery of a fifth Airbus A320 aircraft to Australia by two months.
Although it said last week that bookings remained strong, Tiger declined to provide any indication of when it planned to lodge its accounts.
A Tiger spokesman, Matt Hobbs, denied the airline was in trouble. “Tiger is very happy with how things are going, and we continue to fill planes in Australia and Asia,” he told the SMH.
SMH said there are suspicions Tiger’s 11-month foray in Australia is still losing it millions of dollars each month.
Since the Herald reported in August that its Australian operations could have lost $S28 million in the four months to March 31, the airline has still failed to confirm or deny the figures.
The estimated loss was arrived at by reconciling the $S37.8 million profit reported by Tiger’s Singaporean operations in the year to March 31 and comments made by the chief executive of Singapore Airlines, Chew Choon Seng.
He told an analyst briefing earlier this year that Tiger Aviation’s profit for the year was close to $S10 million.
If so, Tiger Australia – Tiger’s only operation outside Singapore – would have lost about $S28 million for the period. But given the rise in fuel prices since March 31, economic slowdown in Australia and recession in Singapore, the losses could have worsened.
Tiger did not say why the introduction of two Airbus A319s to its Australian fleet of four Airbus A320s had been pushed back to January.
In March the airline’s chief executive, Tony Davis, said they would be delivered in November.
The airline also confirmed it could delay the delivery of an extra A320 to Australia next month to January, and would focus instead on developing new routes from Singapore into Malaysia.
Qantas’s part-owned Jetstar Asia has also failed to lodge its accounts. It was given a three-month extension to lodge its full-year accounts by Singapore authorities on September 29.
Ian Jarrett
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