Tiger Air: Despite well-publicized flight disruptions, 2QFYMar11 net profit came in at $14.1m, vs $2.3m loss last yr, $1.9m profit in 1Q.
Yoy earnings growth was driven by higher pax traffic (+25%), revenue growth (+35%). Qoq improvement was driven by lower operating costs as load factors improved, lower fuel expenses, and revaluation gains…
Forward bookings remain strong, particularly for the peak travel period btwn Dec to Feb, which will be supported by delivery of at least 5 new aircraft over the next 6mths. Mgt also targets to become the top 3 generators of ancillary revenue globally, from 5th highest now. Tiger’s ancillary revenue contributes some 20% to total sales, and has been growing steadily every quarter...
UOBK places Sell call with $1.41 target under review, in view of good set of results, and pending an analyst conference in the morning.
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