Singapore-based Tigerair out of red in Q4
Xinhua, May 5, 2016 Adjust font size:
Singapore-based low-cost carrier Tigerair, a wholly-owned subsidiary of Singapore Airlines, reported a net profit of 7.9 million Singapore dollars (5.8 million U.S. dollars) for the fourth quarter ended March 31, in contrast to the net loss of 18.8 million Singapore dollars (13.8 million U.S. dollars) a year ago, the company said on Thursday.
Total revenue increased by 4.1 percent, driven by higher load factor of 3.5 percentage points, it added.
For the full financial year, Tigerair's net profit came in at 0.3 million Singapore dollars (0.2 million U.S. dollars), a improvement from the 264.2 million Singapore dollars (194.3 million U.S. dollars) loss of the financial year 2015.
Total revenue for the whole financial year also increased by 3.8 percent, mainly due to a higher load factor of 1.2 percentage points, as well as higher yields of 2.9 percent. Expenses dropped 4 percent due to lower fuel costs and higher aircraft productivity, the carrier said. Endit