Singapore  - Low-cost carrier Tiger Airways reported on Thursday an annual net profit of 37.8 million Singapore dollars (27 million US dollars) despite soaring fuel costs.

Revenue for the year ending March 2008 rose 56 per cent to 271 million Singapore dollars (202 US dollars), said the Singapore Airlines-backed Tiger.

It was the first profitable year since the budget carrier launched in 2004.

"Even with the challenging market conditions and current oil prices we remain confident about the long-term success of both our Asian and Australian-based airlines," said chief executive Tony Davis in a statement.

Tiger is committed to continued growth and expanding operations in Australia and Singapore, Davis said.

Passenger numbers for the April to June period grew 73.7 per cent compared with the same period a year earlier.

Asian airlines having been facing massive hits to earnings amid the skyrocketing fuel costs. (dpa)