Singapore low-cost airline Tiger Airways said on Monday it was reviewing its business model after December's tsunami devastated parts of the Thai resort island Phuket, one of its key destinations.

Predicting most of Asia-Pacific's budget airlines would fail, Tiger Chief Executive Tony Davis said the Singapore Airlines subsidiary would know in the next few weeks if it could achieve its target of breaking even this year.

He told a news conference Tiger had found market conditions difficult and he had yet to decide how to react to a surge in jet fuel prices combined with a drop in demand for travel to Phuket after last month's tsunami disaster.

"We are reassessing our business model. Our goal for this year is to reach break even," said Davis, who took the helm of Tiger this month.

The airline is due to receive its fourth Airbus A320 plane later this week. It is one of a number of Asian no-frills carriers, including Malaysia's Airasia, battling to take market share away from established players such as Australia's Qantas.

Davis said Tiger, which is 49 percent owned by Singapore Air and partly owned by the founder of European low-cost airline Ryanair, has no plans to list its shares on the stock market.

"It's a bit premature to talk about a flotation -- we have resources available from our shareholders," he said. "If the operation is successful then all options are open to raise additional capital."

Tiger Airways, which started flights to Bangkok, Phuket and Hat Yai in Thailand in September, is partly owned by Singapore state investment group Temasek Holdings.

Singapore will build Asia's first low-cost airline terminal by early 2006 after Tiger Airways agreed to operate from the proposed extension at Changi Airport.