Tiger Australia: Losses decline, passengers increase
Solid growth in the number of passengers will fuel continued expansion of Tiger Airways' Australian operations after a loss of $S600,000 ($496,941) in 2009-10, according to the airline's annual report.
The small loss, a turnaround of $S57.4 million, permitted Tiger Australia to record a break-even result in its second full year when it declared its profit earlier this year. The annual report indicates revenue jumped 89.1 per cent from $S110m in fiscal 2009 to $S208m in the most recent financial year. Expenses, meanwhile, climbed 24.2 per cent from $S168m to $S208.6m.
The result compared with a comprehensive net profit for Tiger's combined Singapore and Australian operations totalling $S28.2m as passenger figures surged 53.8 per cent to 4.88 million.
In his report, Chairman Gerard Ee said the robust growth in passenger numbers and the delivery of additional aircraft had urged the airline to declare plans to increase both its Singapore and Australian operations.
As of March 31, Tiger Australia had nine Airbus A320 aircraft. An additional to will be based at Victoria's Avalon Airport as soon as it begins operations in November.
Mr Ee's report also indicated chief executive Tony Davis is paid $S750,000 to $S1m for the year, with over two thirds being salary and the remainder in performance-based incentives.