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Asia: Thai Airways Reports Results for Q1 2023


In the first quarter of 2023, Thai Airways International Public Company Limited (THAI) and its subsidiaries reported the total revenue at 41,507 million baht, higher than the same period last year which was 11,181 million baht or 271.2%, mainly due to an outstanding increase in passenger revenue following the resumption of flight services and the increases of flight frequencies in preferred routes such as destinations in Japan and Korea as well as operation resumption to destinations in China on 1 March 2023. Cabin factor in European, Australian and Japanese flights were significantly high.


THAI and its subsidiaries reported the total expenses at 28,473 million baht, higher than the previous year which was 14,348 million baht due to an increase in variable costs especially the fuel price that was 9.7% higher than last year. THAI and its subsidiaries reported the operating profit, before financial costs and excluding one-time transactions, at 13,034 million baht, significantly improved from that in Q1/2022 which reported the operating loss at 3,167 million baht. THAI and its subsidiaries’ financial costs, according to Financial Reporting Standard No. 9 (TFRS 9), was 3,549 million baht. THAI and its subsidiaries had one-time items mainly due to gain on debt restructuring and foreign exchange rates with profit of sale on assets resulting total revenue of 2,987 million baht. Consequently, THAI and its subsidiaries reported a net profit of 12,523 million baht while in the same period last year, it was reported a net loss of 3,243 million baht. Profit attributable to the parent company was 12,514 million baht. Earnings before interest, tax, depreciation and amortization (EBITDA) after cash paid for aircraft lease payment included Power by the Hour amounted to 14,054 million baht.


THAI Smile Airways’ operating loss, excluding one-time transactions, was 172 million baht. However, it had net profit of 82 million baht due to one-time items of 517 million baht resulting from reversal of expenses.


As of 31 March 2023, THAI and its subsidiaries have a total of 65 active aircraft with average aircraft utilization of 12.3 hours per day. Traffic production (ASK) increased by 121.4% while passenger traffic (RPK) increased by 469.2% affecting an average cabin factor of 83.5%, higher than the previous year's 32.5%. The total number of passengers carried was 3.52 million, an increase of 245.1%. Total assets were 208,445 million baht, an increase of 10,267 million baht (5.2%) from 31 December 2022. Total liabilities were 266,948 million baht a decrease of 2,254 million baht (0.8%) from 31 December 2022. The shareholders' equity of THAI and its subsidiaries amounted to -58,503 million baht, a negative decrease from 31 December 2022, by 12,521 million baht.


Ends

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