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Bangkok Airways reports Q3 loss

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BANGKOK, 17 November 2021: Bangkok Airways Public Company Limited reports its operating results for the third quarter of 2021 that saw the airline group incur a new loss of THB6,987.3 million.

The majority of the loss was realised from the one-off transaction terminating the lease agreement with the Samui Airport Property Fund, which amounted to THB5,434.7 million. When factoring out the net loss from the termination of the lease agreement, the loss from operations was THB1,243.8 million. 

Total revenue for the third quarter of the year 2021 reached THB 672.3 million, down by 25.3% compared to the same period last year. The downtrend resulted from the third wave of the Covid-19 pandemic in Thailand, combined with the government-imposed travel restrictions from July to August 2021. The company started to resume domestic flights in September from its Bangkok base to Samui, Chiang Mai, Sukhothai, Lampang, and Phuket. 

 For the nine-month period of 2021, the company’s total revenue was THB3,472.4 million, down 57.5% from the same period last year. That mainly resulted from an 88.3% decline of passenger revenue from the airline business, together with airport business decreasing by 85%. Flights-flown decreased by 75.9% compared to the same period last year. The passenger load factor was at 55.2%.

For the nine-month period of 2021, the company declared expenses of THB6,083.2 million, down 51.8% from the same period last year. Overall, the company reported an operating loss of THB2,587.4 million.

Commenting on the third-quarter results, Bangkok Airways Public Company Limited president Puttipong Prasarttong-Osoth said: “In the third quarter of 2021, the company adjusted flight plans, flight routes, and flight frequency to meet travel needs and to comply with government orders regarding the preventive measures of Covid-19 outbreak. In addition to that, the company also operated flight services that supported Thailand’s reopening projects which are Samui Plus and the Phuket Sandbox model with the highest hygiene standards.” 

The company reported a share of profit from associated companies for the nine months of 2021 at THB413.4 million, mainly from a share of profits from WFS-PG Cargo Company.

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