Tiger Airways, partially owned by Singapore Airlines, has blamed its enforced shutdown in Australia for a US$81.9 million loss for the financial year ended March 31, 2012.
Chin Yau Seng, Tiger Airways group CEO, said the six-week suspension (on safety grounds) contributed significantly to the poor financial result, and led to the under-utilisation of Tiger’s fleet.
Tiger Airways confirmed it had signed off on a 33% equity investment in PT Mandala Airlines in January 2012, allowing the Indonesian carrier to resume operations in April.
Tiger is also putting the final touches to a deal to acquire, for US$7 million, a 40% equity stake in Philippines-based South-east Asian Airlines.
