Tiger Airways (SIN:J7X) Strong Turnaround in FY10 Earnings

Sydney, May 17, 2010 AEST (ABN Newswire) - Singapore-based low-cost airline Tiger Airways (SIN:J7X) booked S$28.2 million net profit for the fiscal year ended March 31 2010, representing a S$75.7 million turnaround from a net loss of S$50.8 million in previous year. The strong annual result was supported by a 28.6 per cent revenue growth and a 53.8 per cent increase in passenger numbers.

Tiger's Singapore operations posted its third year of operating profit, while Australian business recorded a breakeven operating result in its second full year of operation.

"We have clearly succeeded with our pure low cost model - growing profits by relentlessly reducing costs and offering the lowest fares possible," president and group CEO Tony Davis said.

Tiger also plans to increase its "pawprints" in India in November with new services to Trichy and Trivandrum in Southern Inda, as well as increase frequencies on Singapore to Chennai. In Australia, the airline will re-establish services between Melbourne (Tullamarine Airport) and Darwin from June and will introduce Melbourne to Cairns services from September. Later this year, it will commence operations from Melbourne's Avalon airport, which can provide cost savings to the air carrier.

Tiger said it is well positioned to take the advantage of the growth opportunities in Asia-Pacific region with improving economic environment.

Contact

Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: michelle.liang@abnnewswire.net