Tiger: 1QJun11 results. Revenue +45% yoy $145m, resulting from 39% increase in passenger numbers, and increase in load factors to 84.2% vs 82.9% a yr ago. Operating costs were up across the board, mainly due to more aircraft in operations, depreciation of AUD and higher fuel. Net profit was $1.9m, vs $61m loss yoy. This compares with consensus estimates of $74m for entire FY11…
Mgt remains upbeat on future outlook. Expects strong economic growth and visitor arrivals to Singapore to drive demand. 4 new aircraft to join Singapore fleet to support increased frequencies to Guangzhou, HK, Jakarta, Macau and Shenzhen, and new route to Taipei. Recently announced JV in Thailand, Thai Tiger Air expected to drive next phase of growth when it opens in 1Q11.
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