Thai Airways sees dramatic rebound in Q1, posts 12.5 billion baht net profit
Thai Airways International Plc has announced a first-quarter net profit of 12.52 billion baht, a dramatic turnaround from its 3.24 billion net loss in the same period of last year, following a surge in revenue from higher passenger volume and increased flights to popular destinations.
Chai Eamsiri, CEO of the flagship carrier, said it and its subsidiaries generated 41.51 billion baht in total revenue in the first quarter, an increase of 271.2% over the 11.18 billion baht in the same period of last year.
The significant improvement was mainly driven by the growth in revenue earned from higher passenger traffic and the restoration of full flight services and routes to popular destinations – such as Japan, South Korea, China, Europe and Australia – following the lifting of Covid-19 restrictions in many countries.
However, the company and its subsidiaries had total expenses of 28.47 billion, compared to 14.35 billion baht in the first quarter of last year. This increase in expenses was influenced by production volume and transportation volume growth, as well as the 9.7% higher fuel costs due to increased oil prices.
The airline and its subsidiaries reported a pre-tax operating profit of 13.03 billion baht, a robust rebound from the more than 3.17 billion baht loss in the first quarter of 2022.
As a result, the company and its subsidiaries achieved a net profit of 12.52 billion baht in the quarter, compared to a loss of 3.24 billion baht in the first quarter of last year.
