Tiger Airways Group recorded a loss after tax of $17.4 million for the third quarter of the financial year ending 31 March 2012, compared to a profit after tax of $22.5 million for the quarter ended 31 December 2010.
Passenger numbers and seat capacity were 12.0% and 2.7% lower, respectively, in the quarter compared to the same period last year, due to the under-utilisation of the Tiger Airways Australia fleet as a result of its reduced flying programme. Despite the reduction in passengers, passenger seat revenue increased by 2.8% to $139.9 million from $136.1 million, resulting from a 16.9% increase in average passenger fares.
Tiger Air says the financial results for the quarter were impacted by the under-utilisation of the Tiger Airways Australia’s aircraft fleet following the suspension by the Civil Aviation Safety Authority of Australia (CASA) in the prior quarter.
Tiger Airways Australia recorded an operating loss of $8.6 million in the quarter, compared to a $5.9 million operating profit in the same quarter last year.
Since the resumption of services in August 2011, the company says Tiger Airways Australia has continued to see improvements in its operations, on the back of a renewed focus on reliability and punctuality. However, it continues to operate a smaller network and schedule compared to the period prior to the suspension.
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