Singapore's Tiger Airways turns profitable in Q3 of FY 2015
Xinhua, January 26, 2015 Adjust font size:
Singapore's low-cost carrier Tiger Airways said on Monday that the company has recorded a quarterly after-tax profit of 2.2 million Singapore dollars (1.65 million U.S. dollars) in the October to December quarter, the third quarter of its Financial Year 2015, reversing its operating loss since the three months ended September 2013.
The profit is backed by higher loads and capacity curbs. Total revenue also increased 5.9 percent on-year to 182.26 million Singapore dollars (137.04 million U.S. dollars), the company said.
"This reflects the success of the group's initiatives to focus on its Singapore operations in its execution of turnaround plan," Tigerair said in a statement.
The company's net loss has reached 118.54 million Singapore dollars (89.1 million U.S. dollars) during the same quarter a year ago amid the gloomy environment in Southeast Asia. In response, it has shift from markets where it suffered biggest loss, including Indonesia and the Philippines, to its Singapore market. Endi