Tigerair's staff costs edged up 5% to $129m

It's a chunky 45% of operating costs.

According to CIMB, 1Q14 revenue remained stable (-3.7% yoy, +3.4% qoq) at S$289m. EBITDA margin dipped from 14% in 4Q13 to 12.9% from higher other operating expenses (+60%) in the absence of provision write-backs and forex gain.

"Staff costs inched up by 5% yoy to S$129m, or 45% of its operating costs (1Q13: 41% of opex). We believe staff costs could continue to make up about 44-45% of its opex going forward (
historically 40-41%) given the inherent nature of rising costs in Singapore," CIMB said.

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