Third year of losses for Tigerair

Budget airline Tigerair is in the red for the third straight year and the losses are widening.

It posted a net loss of S$95.5 million for the fiscal fourth quarter ended on March 31.

This brings its losses for the full year to S$223 million, a sharp jump from the S$45.4 million losses a year ago.

Tigerair says the higher losses were largely due to exceptional charges and losses of associate and joint ventures.

Operating losses amounted to S$24.2 million for the quarter. It is the fourth straight quarter that the firm reported operating losses.

Given the uncertain market conditions, the airline says it is reviewing its investment in its Indonesian arm, Tigerair Mandala.

Share of loss from Tigerair Mandala amounted to S$16.1 million for the quarter.

Looking ahead, Tigerair expects yield and load factors to remain under pressure amid an oversupply of capacity in the region.

SOURCE