THAI sees losses narrow as tourism picks up

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Thai Airways International Plc (THAI), the country’s embattled national carrier, has come out to report a net loss of 3.2 billion Baht for its operations during the 2nd quarter of this year, a decrease of 113.8% from the same period last year as load factor picked up.

THAI said that for the first 6 months, its total losses were at 6.46 billion Baht, a decrease of 158.1%.

THAI, which has been undergoing debt restructuring as the mountain of debts were unable to be serviced amid global shutdown in tourism industry during the peak of the pandemic, but things have started to pick up as the economy opens.

During the second quarter of 2022, THAI and its subsidiaries increased production traffic (ASK) by 366.6% while passenger traffic (RPK) increased by 1,766.9%. The average Cabin Factor was 60.3% higher than 15.1% of last year.

The airline said in a statement to the Stock Exchange of Thailand (SET) that the numbers of passengers carried totaled 2.01 million, increased by 570% from the previous year. The cargo production (ADTK) was 384.4 % and freight traffic (RFTK) was 241.5% higher than the previous year, consecutively. Freight load factor was 69.0 % lower than the previous year at an average of 97.9%.

THAI and its subsidiaries reported their operating result (Excluded the one-time items) of this quarter comprised of total revenue of 21.53 billion Baht, higher than last year’s by 15.89 billion Baht (282%), mainly due to an increase of revenues consisted of passenger and cargo revenue by 17.05 billion Baht (619.3%) resulting from the additional traffic production and other services revenue by 272 million Baht (20.3%) from increasing customer airlines.

The total operating expenses was 22.83 billion Baht, higher than the previous year by 12.74 billion Baht (126.3%) due to higher production and traffic causing higher variable operating expenses, especially higher fuel price by 104.1%.

However, the company had earnings before interest, taxes, depreciation, and amortization (EBITDA) of 1.98 billion Baht, 8.26 million Baht higher than the previous year, with an EBITDA margin of 9.2% compared to -111.4% last year.

For the first 6 months, a total net loss was 6.46 billion Baht, a decrease of 158.1% from the same period last year when the net profit was 11.12 billion Baht, with a net income from one-time items of 4 billion Baht, lower than the same period last year at 21.8 billion Baht.

THAI had total revenue of 32.7 billion Baht, an increase of 226.4%, and total expenses of 37.17 billion Baht, an increase of 73.2%, with a finance cost of 5.29 billion Baht, an increase of 85.1%, a profit from debt restructuring of 6.99 billion Baht, a decrease of 19.4%, and a loss on exchange rate 2.9 billion Baht, an increase of 53.3%.

THAI’s EBITDA for the first 6 months of this year’s profit was 1.63 billion Baht, an increase of 124.1%, and had an EBITDA margin of 5.0%, compared to -67.7% last year.

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