Tigerair doubles net profit for Q3 2016

Tigerair reported a Q3 2016 net profit of S$6.8m (US$4.75m), more than doubled compared to a $2.2m profit in the year-ago period. CE Lee Lik Hsin said low fuel prices helped the carrier’s performance and he expects further benefit from the cost of jet fuel. Tiger Group Q3 revenue increased 1.5% to $187.4m, driven significantly by higher lease rental income from aircraft and engine leasing arrangements with Tigerair subsidiaries in Australia and Taiwan. Operating profit rose to $10m for Q3FY16, compared to $4.1m in the year-ago period. However, the increase in operating profit was partially offset by drop in Singapore-based operations revenue, following a 1.6% cut in overall seat capacity. Overall group expenses were down 1.8% to $177.3m mainly due to lower fuel. <br/>