Tiger Airways Holdings Limited has announced solid results for the financial year ended March 31, as the airline remains embroiled in a dispute with CASA over poor maintenance standards and a variety of other issues.
Figures for the financial year ended March 31 saw Tiger record a SGD$57m (A$43m) group profit before tax, almost tripling from the previous financial year’s S$19.9m (A$15m) profit. Meanwhile, profit after tax for the year was S$39.9m (A$30m), an increase of 41.5 per cent against the last year. In addition, Tiger advises that a tax provision of S$17.1m (A$13m) includes an accounting adjustment of S$6.5m (A$5m) relating to a portion of the previously recognised deferred tax asset for Tiger Airways Australia.
On the revenue side, Tiger announced a 28 per cent growth to S$622.2m ($A472m) from the previous year’s S$486.2m ($A369m), ahead of both passenger (22.5 per cent) and seat capacity (21.6 per cent) growth. However, those figures may be at risk over the next financial year, following Tiger’s decision to freeze any further expansion in Australia until its dispute with CASA over the issue of a ‘show cause’ notice is fully resolved.
“Given the difficult and uncertain trading conditions, the Group’s full year result represents a solid performance,” Tiger Airways Group president and CEO, Tony Davis said in a statement. “Almost tripling our profit before tax to $57.0 million, more than doubling last year’s PBT margin from 4.1 per cent to 9.2% per cent and achieving a 20.5 per cent return on equity reflects the firm platform we have prudently built over the last seven years. Tiger Airways Singapore produced a strong financial performance, highlighting the fact that the airline has the right model to take advantage of the solid demand and robust economic environment in Asia. Tiger Airways Singapore will grow its capacity for the first six months of the year by at least 40 per cent.”