Using your own words, they should be in a much stronger position...

Using your own words, they should be in a much stronger position considering they operate in a virtual duopoly. EBITDAR can disguise many issue the company is trying to hide. Cash flow is important, which they did improve albeit by not paying off any debt over the past 12 months (infact, they gained more debt).

Those metrics I mention previously determine if an airline is profitable at all. Judging by those numbers, Tigerair and Virgin International are losing money every time a passenger gets on their plane.

In any event, given the illiquidity in the stock and its ownership structure, retail shareholders should stay well away.