Singapore-listed Tiger Airways Holdings Ltd. (J7X.SG) Friday reported a net loss for the fiscal fourth quarter as a result of high fuel costs and the effects of a costly grounding in Australia last year.
Net loss for the quarter ended March 31 was S$16.4 million compared with a net profit of S$1.4 million a year earlier, Tiger Airways said in a statement to the Singapore Exchange.
Revenue fell 1.3% to S$161.1 million from S$163.2 million, but fuel costs came in at S$74.1 million compared with S$67.6 million, the airline said.
For the fiscal year that ended March 31, the budget carrier said net loss was S$104.3 million compared with a profit of S$39.9 million in the previous year.
Chief Executive Chin Yau Seng said in the statement that the suspension of Tiger Australia by the Civil Aviation Safety Authority of Australia from July 2 to Aug. 11 contributed significantly to the poor result.
"Following the suspension, Tiger Airways Australia conducted a thorough internal review of its processes and procedures, and has made major improvements," he said.
The group continues to face a challenging business environment and remains exposed to high and volatile fuel prices, according to the statement.
Tiger Airways, which is 32.8% owned by Singapore Airlines Ltd. (C6L.SG), operates a fleet of 21 Airbus A320-family aircraft in Singapore and 10 in Australia.
-By Gaurav Raghuvanshi; Dow Jones Newswires; +65 64154 154; [email protected]