August 7, 2008
Budget carrier Tiger Airways, partly owned by Singapore Airlines, said on Thursday it earned SGD$37.8 million (USD$27 million) in net profit for the year to March 2008, its first profitable year since its launch in 2004.
Tiger, based in Singapore and Australia, said its passenger numbers grew 73.7 percent for the April-June period compared to a year earlier, even as Asian full-fare carriers suffered losses and are cutting flights.
The group reported a SGD$14.3 million loss the previous year.
“Even with the challenging market conditions and current oil prices we remain confident about the long-term success of both our Asian and Australian-based airlines,” Tiger chief executive Tony Davis said in a statement.
Singapore Air holds a 49 percent stake in Tiger, while Indigo Partners has 24 percent, and the family investment firm of Ryanair founder Tony Ryan holds 16 percent. Singapore sovereign fund Temasek owns the remaining 11 percent.
(Reuters)
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