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    Rebound earns Thai Airways THB3.92B profit

    ANN/THE NATION THAILAND – Thai Airways announced on Friday that it made THB3.92 billion in profit in the third quarter of this year, compared to a THB5.31 billion loss in the same period last year.

    The national carrier said that it and its subsidiaries had recorded a revenue of THB32.86 billion in the third quarter, up 582 per cent year on year.

    Revenue from passengers and cargo stood at THB30.89 billion thanks to more frequent flights in the first half of the year to destinations, including London, Frankfurt, Chennai, Bengaluru, New Delhi, Mumbai, Lahore, Karachi, Islamabad, Hanoi, Ho Chi Minh City, Phnom Penh, Jakarta, Dhaka, Denpasar, Taipei, Singapore, Copenhagen, Munich and Zurich.

    THAI has also re-opened routes that were previously closed due to the COVID-19 pandemic such as Penang, Tokyo (Haneda) and Brussels.

    The airline boasted an average load factor of 77 per cent in the third quarter of this year, compared to 9.9 per cent in the same period last year.

    Thai Airways aircraft at Suvarnabhumi Airport, Bangkok. PHOTO: AFP

    The total expenses for THAI and its subsidiaries came in at THB28.94 billion, up 186 per cent from the previous year due to rising operational costs.

    The price of fuel has risen by 80 per cent compared to the previous year and is responsible for 44 per cent of the operational cost, THAI said. As of September 30, THAI and its subsidiaries had total assets of THB183.29 billion, up by THB22.07 billion from December 31, 2021.

    Total liabilities came in at THB265.79 billion, up by THB33.32 billion on December 31, 2021. The shareholders’ equity, meanwhile, is in the deficit by THB82.50 billion.

    However, thanks to fast-growing tickets sales and EBITDA (earnings before interest, taxes, depreciation and amortisation) at over THB2 billion per month, the company’s cash balance has risen steadily from THB6.01 billion in March to THB13.47 billion in June and THB23.3 billion in September.

    In October alone, THAI recorded an average 80.4 per cent load factor, averaging 21,557 foreign passengers per day, which accounts for 30 per cent of total foreign arrivals at Suvarnabhumi Airport.

    The tally includes Thai Smile Airways passengers.

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