PG reports a nine-month loss

BANGKOK, 15 November 2019:  Bangkok Airways Public Company Limited reported a net loss of THB121.3 million for the nine-month period of 2019 according to its report to the Stock Exchange of Thailand.

Loss attributed to the equity holders stood at THB131.5 million while the loss per share for the nine-month period of 2019 was THB0.06.

For the nine-month period of 2019, the company accumulated revenue of THB20,540.2 million down 2.5%. Decreasing revenue was mainly from the company’s airline and airport businesses, which dropped by 6.9% and 9.7% t respectively.

Revenue from airport-related businesses and unallocated revenue grew by 6.7%  and 22.1%  since last year.

For the nine-month period, Bangkok Airways carried slightly fewer passengers down 1.7% compared with the same period last year due to slow performance from point-of-sale in Thailand and e-commerce channels.

The international point-of-sale represented the largest proportion in terms of passengers mainly from Europe and Asia regions (excluding Thailand).

Passengers from Southeast Asia grew 23%, followed by passengers from North America at 10% and South Asia at 3%.

But a positive financial trend emerged in the third quarter of 2019 (July to September) when the company generated THB6,698.9 million in revenue and reported a net profit of THB65.9 million; up by 66.3% compared with the same period last year.

Bangkok Airways Public Company Limited President Puttipong Prasarttong-Osoth commented: ” The better performance was mainly due to an increase of revenue from airport-related businesses and unallocated revenues, together with a significant reduction of major expenses in the airline business.”

In the third quarter, Bangkok Air Catering Company Limited (BAC) gained two new airline customers (total 21 airline customers to date), Bangkok Air Ground Handling Company Limited (BFS Ground) gained eight new airline customers (total 84 airlines to date) and WFS-PG Cargo Company Limited (BFS Cargo) six new airline customers (total 74 airlines to date).”

In August 2019, the company and Turkish Airlines announced a new codeshare partnership, providing Turkish Airlines passengers connections to destinations in Thailand and other cities in Southeast Asia including Cambodia, Laos, Myanmar and Vietnam.

To date, the company has 27 Codeshare partners. In the same period, the company opened new passenger lounges at Phuket International Airport to facilitate Bangkok Airways’ domestic passengers.”