Tigerair inches back into black with $300,000 net profit in FY16

Thanks to increased load factor and yields.

Tigerair is back in the black, as the company reports that net profit for FY16 came in at $300,000 compared to last year’s net loss of $264.2m. This is thanks to raised revenue boosted by higher load factor and increased yields.

According to the company’s news release, operating profit for FY16 came in at $14.6m, compared to last year’s operating loss of $39.9m, as revenue inched up 3.8% to $25.5m. Expenses for the financial year dipped 4% to $29m due mainly to lower fuel costs and higher aircraft productivity.

Meanwhile, operating profit for 4QFY16 stood at $14.5m, marking a $16.8m YoY climb. Net profit stood at $7.9m, compared to $26.7m a year ago. The company’s revenue for Q4 edged up 4.1% as load factor increased. Expenses for the quarter fell 5.5% to $9.6m, thanks to reduced fuel costs.