SINGAPORE Jan 24 Budget carrier Tiger Airways
Holdings Ltd, one-third owned by Singapore Airlines
Ltd, reported a third-quarter net profit of S$2
million ($1.6 million), the first time in seven quarters it made
Despite a boost from its Singapore business, Tiger expects
its operating performance to be weaker in the fourth quarter and
forecast an operating loss for the year to March 2013, said the
carrier, which has associate airlines in Indonesia and the
After taking charge in August, new Group Chief Executive
Koay Peng Yen struck a deal to sell a stake in its loss-making
Australian unit and entered into other partnerships, but faces a
big challenge in a fiercely competitive Southeast Asian market.
"We are encouraged by the turnaround in this quarter," Koay
said in the results statement on Thursday. "However, we are
mindful that the September to December period is traditionally
the strongest quarter for the air travel industry, and this has
also contributed positively to our performance."
Budget airlines led by AirAsia Bhd and privately
held Lion Air have placed massive aircraft orders as they bet on
the region's expanding middle class demanding more air travel
for years to come.
Tiger reported a third-quarter profit compared to a net loss
of S$17.4 million a year earlier. Its nine-month loss contracted
to S$30 million, from S$87.9 million a year earlier.
Shares in Tiger have been steady over the past three months
and have edged up only slightly over the past year.
($1 = 1.2271 Singapore dollars)
(Reporting by Anshuman Daga; Editing by Daniel Magnowski)