Losses widen at Tigerair
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Tiger Airways Holding has reported an operating loss of SG$25.3mn (US$19.8mn) for the quarter ended 30 September 2014.
This more than doubles losses recorded in the same quarter last year, when the airline registered a loss of SG$12.8mn.
Total revenues declined by 10.5% to SG$146.7mn in 2QFY15, while total expenses decreased 2.6% to SG$172mn y-o-y. The contraction is mainly due to the weaker operating performance of Tigerair Singapore.
Rationalisation of the Tigerair Singapore network led 4% improvements in load factor. However, gains were offset by a 10.4% drop in yields, meanwhile expenses increased by 3.4% to SG$175.2mn.
In a separate development, the Group signed an agreement with Virgin Australia last week to sell its remaining 40% stake in Tigerair Australia for AU$1 (USD0.87).
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