Tiger Airways (J7X.SG) down 6.7% at $2.09 following what some analysts call dismal June-quarter results, says Dow Jones.

Low-cost carrier returned to black with $1.9 million profit in fiscal 1Q11 vs $6.0 million loss year earlier on increased travel demand, tax benefit.

But earnings sharply lower than March-quarter’s $22.3 million profit on higher operating expenses, lower ticket prices.

“Growth in passenger traffic came at the expense of ticket prices,” says UOB KayHian, which has Sell call with $1.52 target, describing performance as dismal; “Tiger’s share price has priced in a blue skies scenario, which has yet to materialise.”

15-day moving average, last at $2.02, expected as support.