PG reports first half-year losses

BANGKOK, 17 August 2021 – Bangkok Airways Public Company Limited reported a net loss of THB1,454.4 million for the first half of 2021, according to a statement to the Stock Exchange of Thailand last Friday.

It represented as an attributed loss to the shareholders, totalling THB 1,431.6 million with a loss per share of THB 0.69. During the six months of 2021, the company reported revenue of THB2,800.2 million baht, down 61.8% compared to the same period of 2020.

However, during the second quarter, April to June, the airline recorded revenue 0f THB1,442.9 million, representing a 39% increase compared to the same period last year.

The airline’s president, Puttipong Prasarttong-Osoth, attributed the revenue improvement during the second quarter of 2021 to better travel demand and flight management on domestic routes such as Bangkok – Samui, Bangkok – Chiang Mai, Bangkok – Sukhothai, Bangkok – Lampang, Bangkok – Phuket, Bangkok – Trat and Hat Yai – Phuket.

Flights increased by 102.4% while passengers carried increased by 229.8% during the second quarter. Expenses during the second quarter dropped by 47.7% (THB1,936.6 million) when compared with the same period last year.

Over the first six months of 2021, the company reported THB2,800.2 million in revenue, a decrease of 61.8%. The downward trend was the result of the airline’s business decreasing by 88.8%, while airport business operations decreased  85.3%  and other airport-related businesses decreased by 39.5%.

Due to Civil Aviation Authority of Thailand (CAAT) requirements, the airline temporarily suspended in-flight meals service and closed all of its passenger lounge services as part of health and safety measures.

Regarding airport-related businesses and investments, Bangkok Airways Public Company Limited’s board of directors approved last May the termination of the long-term lease agreement that extends for a remaining 15.5 year period as well as related agreements) between the airline company and the Samui Airport Property Fund.

As a result, the company will be able to operate Samui airport without being subjected to any further obligations to the property fund, allowing the company to be more flexible in business operations.

The Airports of Thailand (AOT) approved relief measures due to the Covid-19 pandemic for all business operators, including Bangkok Air Catering (BAC), Worldwide Flight Services Bangkok Air Ground Handling Company Limited (BFS Ground) and WFS-PG Cargo Company Limited (BFS Cargo). The relief measures offered a 50% discount off rental fees to be waived for a minimum guarantee obligation.