18 Aug, 2023
BANGKOK, 18 August 2023: During the second quarter of 2023, Thai Airways International and its subsidiaries reported revenue, excluding one-time transactions, of THB37,381 million for Q2 2023, representing an improvement when compared with THB21,526 million earned in Q2 2022.
But the improved performance in the Q2 2023 was still 9.9% lower than Q1 2023, mainly caused by the traditional decline in travel to Thailand during Q2.
On a positive note, THAI increased flights to Japan and China and reported a total of 3.35 million passengers and an average cabin factor of 79.2%, higher than the 60.3% recorded in Q2 2023.
THAI and its subsidiaries reported expenses, excluding one-time transactions, reached THB 28,805 million, higher than the previous year, which stood at THB 22,825 million, blamed on an increase in variable costs.
However, THAI reported an operating profit, before financial costs and excluding one-time transactions, of THB8,576 million representing a substantial improvement on the Q2 2022 performance that recorded an operating loss of THB1,299 million. The operating profit of Q2 2023 is the highest that THAI has recorded in 20 years.
Financial costs during Q2 2023 stood at THB3,967 million. THAI and its subsidiaries had one-time items mainly due to loss on foreign exchange rates resulting in total expenses of THB2,643 million.
Consequently, THAI and its subsidiaries reported a net profit of THB 2,273 million, while in the same period last year, it reported a net loss of 3,213 million. Profit attributable to the parent company was THB2,262 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) after cash paid for aircraft lease payment, including power-by-the-hour, amounted to THB9,307 million.
Six-month performance
During the first six months of 2023, THAI and its subsidiaries reported a total revenue, excluding one-time transactions, of THB78,889 million when compared with the half-year result last year, which stood at THB 32,706 million.
Total expenses, excluding one-time transactions, stood at THB57,280 million, higher than THB37,175 million for the half-year 2022 results.
THAI and its subsidiaries reported an operating profit, before financial costs and excluding one-time transactions, of THB21,609 million, an improvement over the half-year 2022, which reported an operating loss of THB4,469 million.
Financial costs stood at THB7,515 million. THAI and its subsidiaries had one-time items mainly due to profit from debt restructuring resulting in revenue of THB344 million.
Consequently, THAI and its subsidiaries reported a net profit of THB14,795 million, while in the same period last year, it reported a net loss of THB6,457 million. Profit attributable to the parent company was THB14,776 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) after cash paid for aircraft lease payment, including power-by-the-hour, amounted to THB23,361 million.
The airline group has a fleet of 67 aircraft consisting of 20 narrow-bodied aircraft and 47 wide-bodied aircraft.
Traffic production (ASK) increased by 76.9%, while passenger traffic (RPK) increased by 192.8%, with an average cabin factor of 81.4%, higher than the previous year’s 49.2%. The total number of passengers carried was 6.87 million, an increase of 126.7%.
