Tigerair reports Q2 net profits of $23.8m

Tigerair reports Q2 net profits of $23.8m

Tigerair has reported second quarter net profits of $23.8 million, after making money from selling part of its Australian arm.

The proceeds from offloading a 60 per cent stake in Tigerair Australia to Virgin Australia helped reverse an $18.3 million loss in the same period last year.

Operating conditions in the July-September quarter were tough, said Tigerair, which released its latest numbers on Thursday.

Total revenue for the group, which comprises airlines in Singapore, Australia, Indonesia and the Philippines, fell 16.7 per cent year-on-year to $163.8 million.

The group's operating loss widened to $12.8 million compared to an operating loss of $11.5 million a year earlier.

Mr Koay Peng Yen, group chief executive officer, said the bottom line was impacted by higher airport and handling charges following the airline's relocation from Changi Airport's Budget Terminal to Terminal 2 last year, as well as losses in the associate airlines.

For the first half of the current financial year, the carrier's operating loss contracted to $19 million from $23.3 million recorded in the same period a year ago.

Its net loss was $8.9 million, an improvement from the previous year's loss of $32 million.

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