After seeing its 3QFY15 results back in the black, Tiger Airways Holdings Limited’s (Tigerair) 4QFY15 results saw yet another quarter of net loss for the period. Its 4QFY15 net loss declined 80.3% YoY to S$18.8m on the back of a 5% growth in revenue to S$172.2m driven by better yields and load factor, and partially offset by several one-off items.
Also, there were changes to Tigerair accounting policies effective from FY15 onwards with the following impact:
1) increase in maintenance charges of S$12.8m, and
2) additional aircraft depreciation charges of S$4.3m.
These changes contributed to Tigerair’s 18.5% increase in its FY15 net loss to S$264.2m, which is higher than our forecasted net loss of S$246.1m. However, excluding the effects of these accounting effects, Tigerair’s FY15 PATMI would be in-line with our expectation.
For FY15, revenue dropped 9.2% to S$677.4m mainly due to deconsolidation of Tigerair Australia from 2QFY14 onwards. Pending management briefing later, we maintain our SELL rating but put our FV of S$0.29 under review for now.
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