Tiger Airways Q3 net profit up 60%

Tiger Airways Q3 net profit up 60%

Tiger Airways Holdings Ltd. said its third quarter net profit rose by 60.3 per cent year-on-year due to higher average passenger fares and strict cost management.

The budget carrier, which is 34.4 per cent owned by Singapore Airlines, said it made a net profit of S$22.6 million in the October-December quarter, up from S$14.1 million in the year-ago quarter.

Revenue for the airline, which operates across Asia and Australia, grew 22.2 per cent to S$170.4 million during the same period.

The company warned that the recent weather events on the east coast of Australia would have an adverse impact on earnings for Tiger Airways Australia in the fourth quarter.

As a consequence, plans to increase the fleet beyond the current 10 aircraft in Australia have been deferred until April 2011, it said.

However, it said that given the growth opportunities in Asia, Tiger Airways Singapore would increase its capacity from April to October by 41 per cent year-on-year.

The company would also maintain its plan to grow its fleet by 40 per cent, from 25 aircraft currently to 35 aircraft by March 2012.

-News courtesy of Channel Newsasia-