Tiger Airways Holdings says it posted group profit after tax of $1.9 million for the first quarter ended 30 June 2010 (1QFY2010/11), versus a loss of $6 million for the corresponding quarter a year earlier (1QFY2009/10).

The quarterly result was supported by revenue growth of 45.0% from $100.1 million to $145.1 million, resulting from a 39% increase in passenger numbers. Growth in passenger volume outstripped seat capacity growth of 36.9%, leading to a 1.3 percentage point improvement in load factor to 84.2%.

Unit revenue as measured by Revenue per Available Seat Kilometre (RASK) increased 24.2% over the same quarter last year, signalling strong revenue momentum particularly from its Singapore business, shorter average stage length and the continuing maturity of the airlines in the group.

Due to a 14.9% reduction in average sector length in the period, unit cost as measured by Cost per Available Seat Kilometre (CASK) was 16.6% higher than the previous year. CASK excluding fuel and foreign exchange differences (controllable CASK) increased just 5.5% over the previous year despite the significant reduction in average sector length.

Tiger Air says four additional aircraft will support its increased frequencies to Guangzhou, Hong Kong, Jakarta, Macau and Shenzhen, and its new daily service between Singapore and Taipei.

In addition, the budget airline has signed a memorandum of understanding to form a new low-fare airline in Thailand with Thai Airways International. The new airline, known as Thai Tiger is expected to commence services in the first quarter of 2011.

In the near term, Tiger Air says forward bookings continue to be firm and in line with the recent trend.