Budget carrier Tiger Airways has warned of a significant net loss for the current financial year due to the temporary suspension of its operations in Australia earlier this winter.
Shares of the Singapore Airlines controlled low cost carrier fell 3.7 per cent on Tuesday after the airline reported a S$49.9 million (US$38.7 million) net loss for the second quarter, which ended September 30.
The airline reported a S$14.1 million profit over the same period last year. Tiger said passenger numbers were down 23.2 per cent this year from a year ago.
CASA suspended Tiger’s Australia services on July 1 over safety concerns. The airline was cleared to resume flying six weeks later but was ordered to significantly scale back its operations.
Tiger said high fuel costs were also to blame for the losses.
25% off starts now! Australian Aviation magazine Cyber Monday sale is now live. Have the very best of Australian Aviation’s annual print and digital subscription. This includes every In Focus and Behind the Lens digital magazine, special coverage, exclusive photos and editions you may have miss. Subscribe now at australianaviation.com.au.
Start your very own aviation journey with Australian Aviation. Sign up today for as little as $49.95 and you’ll enjoy access to:
You can always rely on us to keep you in the know.
Join now and start enjoying all these benefits today.