Tiger Airways
Tiger Airways says last year’s fleet grounding down under and high fuel prices have affected its operations, with the airline posting a net loss of up to $104 million for the financial year ending March 2012.
The Singaporean carrier reported the substantial deficit this week, a staggering contrast to net profits of $40 million for the previous year.
Tiger claim the under-utilisation of its fleet in Australia during the imposed suspension, coupled with persistent fuel price hikes were the primary factors that determined the negative profit yields.
“Clearly, the Tiger Airways Australia suspension by the Civil Aviation Safety Authority of Australia from 2 July 2011 to 11 August 2011 contributed significantly to the poor financial result,” Group chief executive Chin Yau Seng said.
Mr Seng explained the airline had analysed the reasons behind the dramatic drop in revenue and has begun to take steps to amend poor business practices.
“Following the suspension, Tiger Airways Australia conducted a thorough internal review of its processes and procedures, and has made major improvements,” he said.
“These have included changes in its governance practices, organisational structure, management systems and approach in dealing with external stakeholders.”
In looking to the future, the carrier was positive about bouncing back and eager to face the challenges accompanying this task.
“The new financial year presents us with an opportunity to close the books on FY11-12 and focus on our growth strategies to pull the Group back into profitability,” Mr Seng added.
“Fuel prices continue to hover at uncomfortably high levels and our challenge is to improve yields and boost ancillary revenue to compensate for the fuel cost impact.”
In keeping with this strategy, Tiger have announced increased frequency on flights from Singapore to Kuching and Penang in Malaysia, and Haikou in China over the August holiday period.
“With the increased frequencies to Kuching and Penang over the Hari Raya Puasa season, our customers will find it easier to make plans to celebrate and spend time with family and friends over the holiday season,” Tiger Airways Singapore managing director Stewart Adams said.
Twice daily services to Penang will operate between 17 and 26 August, while flights to Haikou will jump from three per week to five for the entire month.
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