Tiger Airways announces losses

Budget carrier Tiger Airways on Monday reported a net loss of 49.9 million Singapore dollars (38.7 million U.S. dollars) for the quarter ended Sept. 30, mainly dragged by the suspension of its Australian operations and higher fuel costs. The company posted a net profit of 14.1 million Singapore dollars (10.9 million U.S. dollars) in the same period last year. Revenue for the quarter fell by 23.4 percent to 109.9 million Singapore dollars. The Australian unit of Tiger was grounded for nearly six weeks from July on safety concerns. Senior management of the company has said it is estimated to cost the airline 2 million Singapore dollars a month. Tiger Airways Australia incurred an operating loss of 27.2 million Singapore dollars for the quarter, with revenue falling to 8.8 million Singapore dollars from 67.2 million Singapore dollars a year earlier. Tiger Airways Singapore posted 12 million Singapore dollars of operating loss compared with an operating profit of 6.8 million Singapore dollars a year earlier. Tiger said it expected "significant net loss for the financial year." The carrier has been operating at reduced capacity and on a limited schedule since it resumed Australia flights on Aug. 12. (1 U.S. dollar = 1.29 Singapore dollars)