Tiger Airways: Expect Co. to see selling pressure as trouble Woes continues to hit Co, with Co announcing this morning that it has received a letter of complaint by the Civil Aeronautics Board of the Philippines (CAB), which cited similar issues as its earlier Australian Operations suspension.
CAB had issued a case number for the complaint and asked Tiger to file its response. Tiger however is of the opinion that the above complaint is without merit. Co will make further announcements, as appropriate.
Separately, Co. also announced that it expects 2Q loss to be 'markedly larger' than 1Q vs a net profit of $14.1m yoy. On a sequential basis, losses are expected to be 'markedly larger' than the $20.6m net loss for the April-June first qtr. In the mths of Jul and Aug, Tiger's passenger numbers plunged 32% and 22% respectively to 358,000 and 344,000. Street has a mean TP of $0.74.
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