Tiger Airways has posted a loss of SG$14 million (US$11.2m) for the first quarter of the 2012-13 financial year.
The result marked a reversal from the SG$21m profit posted in the same period last year, as costs per seat kilometre jumped 5.9%, offsetting a 1.4% increase in revenue, which totalled SG$181m.
The airline’s Group CEO Chin Yau Seng, said the carrier was still recovering from the grounding of its Australia-based fleet in summer 2011.
“The group’s financial performance is gradually coming back,” he said. “Tiger Australia has… made good progress since the hiatus in services a year ago. We have been rebuilding the business with a strong focus on safety, operational excellence, customer service and profitability. Tiger Australia’s operating loss narrowed from SG$23m to SG$21m this quarter.
The group is also expanding, having purchased stakes in Indonesia’s Mandala Airlines and the Philippines’ SEAir.
