TIGER POSTS FIRST QUARTERLY LOSS

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By TESTCustomwebLP TESTCustomwebLP August 8, 2011 14:53

TIGER POSTS FIRST QUARTERLY LOSS

Tiger Airways has posted its

first quarterly loss since the airline went public in January last year. Both Tiger Airways Singapore and Tiger Airways Australia posted a net loss of SG$20.6 million (US$17 million) in the three months ended June 30. This reverses a SG$1.9 million profit in the same quarter last year.

High fuel prices, adverse weather conditions and disruption caused by volcanic ash from Chile’s Puyehue-Cordon Caulle volcano during the quarter were to blame, according to the company.

Between April and June, Tiger Airways Australia recorded an operating loss of SG$23.2 million while the Singapore airline posted an operating profit of SG$7.5 million. At the group level, overall revenue increased by 23.2 percent to SG$178.8 million but expenses grew faster; by 32.2 percent to almost SG$191 million.

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By TESTCustomwebLP TESTCustomwebLP August 8, 2011 14:53
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