Tiger records pre-grounding loss; outlook darkens as new JVs face delays
Heavy losses at Tiger Airways Australia in the three months prior to its grounding drove the Tiger Airways Group into the red for the first time since its Jan-2010 IPO. The Singapore-based low-cost carrier group incurred a net loss for the three months ending 30-June of SGD21 million (USD17 million), compared with a net profit of SGD2 million in 1QFY2011, and its outlook for the rest of the year looks bleak due to the recent troubles in Australia.
