Thailand’s heavily indebted national carrier, Thai Airways, posted 11.18 billion baht ($342 million) in revenue in the first quarter of this year, suffering a 3.24 billion hit despite its consolidation efforts and a recent recovery in its aviation business. Net loss in Thai baht ($94 million). However, revenue excluding one-time transactions was up 155% year over year. In its financial performance report for the period, the airline said operating income increased by 6.79 billion baht compared to the same period last year. However, with higher fuel costs heavily impacting…
Thailand’s heavily indebted national carrier, Thai Airways, posted 11.18 billion baht ($342 million) in revenue in the first quarter of this year, suffering a 3.24 billion hit despite its consolidation efforts and a recent recovery in its aviation business. Net loss in Thai baht ($94 million).
However, revenue excluding one-time transactions was up 155% year over year.
In its financial performance report for the period, the airline said operating income increased by 6.79 billion baht compared to the same period last year. However, it incurred a loss of 3.17 billion baht as higher fuel costs weighed heavily on the airline’s performance.
Losses excluding one-off transactions fell 54.7% year-on-year, the airline noted in the report.
increased debt
As of March 31, THAI and its subsidiaries had total assets of 162.42 billion baht, an increase of 1.25 billion baht from December 31, 2021, and total liabilities of 236.91 billion baht, an increase of 4.44 billion baht.
Demand for passenger seats has grown in the first five months of the year as international and domestic air travel recovers as the government gradually eases Covid-19 travel restrictions.
higher passenger and cargo load
Thai Airways and its subsidiary Thai Smile carried 10,238 passengers and 10,870 passengers on domestic and international flights in the first 10 days of May, compared with 4,929 passengers and 269 passengers in October last year, the report said. The report added that data showed a significant increase in passenger numbers after the government eased travel restrictions.
The airline added that cargo traffic on its aircraft had recovered to 50% of pre-Covid-19 levels in 2019.
