Tigerair Taiwan Ltd (台灣虎航) yesterday reported a net loss of NT$1.08 billion (US$38.81 million) for the first half of this year, or losses per share of NT$3.88, as the COVID-19 pandemic continued to drag on its international travel business.
The low-cost carrier’s revenue in the first six months of this year totaled NT$165.65 million, down 90 percent from the same period last year.
Tigerair Taiwan only offers international flights between Asian countries. Unlike EVA Airways Corp (長榮航空) and China Airlines Ltd (CAL, 中華航空), Tigerair Taiwan does not have freighters, meaning it cannot offer cargo services to offset losses from its passenger business.
Photo courtesy of Tigerair Taiwan Ltd
The company last year rented its jets and crew to affiliate Mandarin Airlines Ltd (華信航空), which focuses on domestic flights, in wet lease arrangements to retain revenue.
However, it faced lower demand for leasing after a local COVID-19 outbreak in May restricted domestic travel, company data showed.
In related news, EVA Airways last quarter turned around its business with a net profit of NT$144 million, compared with a net loss of NT$613 million a year earlier, as surging revenue from its air cargo business offset reduced revenue in passenger operations, the company said last week.
For the first half of the year, EVA posted a net loss of NT$2.05 billion, up 12 percent from a net loss of NT$1.83 billion a year earlier, company data showed.
Losses per share totaled NT$0.41 as of the end of June.
CAL, on the other hand, remained in the red last quarter with a net loss of NT$342.55 million, compared with a net profit of NT$2.45 million a year earlier, data showed.
The company’s net loss totaled NT$1.36 billion in the first half of this year, worsening 4 percent year-on-year, it said.
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