PG resumes flights, but Q1 losses pile up

BANGKOK, 20 May 2022: Bangkok Airways restored flights on domestic and regional routes as governments relaxed travel rules during the first quarter of 2022, but operational losses increased to THB826.2 million compared to THB756.8 million in Q1 2021.

From January to March 2021, the company restored domestic routes from its home base at Bangkok Suvarnabhumi Airport to Samui, Phuket, Chiang Mai, and Lampang. It also reinstated its Samui-Phuket, Samui-U-Tapao and Phuket-U-Tapao routes while restoring international flights from Bangkok to Phnom Penh, the capital of Cambodia and from Samui to Singapore.

Bangkok Airways carried 373,200 passengers in the first quarter, up from 151,900 in 2021, an increase of 145.8%, while it operated 5,037 flights, up 104.4% from 2,464, achieving a load factor of 63.5% compared with 58.8% quarter on quarter. Aircraft use per day increased to 4.5 hours, up from 3.5 hours in 2021. The average fare during the first quarter reached THB2,469.6 per sector, rising 31.3% compared to the same quarter in 2021.

Revenue passenger kilometres (RPK) totalled 213.8 million, up from 91.6 million. Available seat kilometres (ASK) stood at 336.9 million, up from 155.8 million.

Total revenue for the first quarter of 2022 stood at THB 1,698.0 million, an increase of 25.1% compared with the THB1,357.2 million in the first quarter of 2021, mainly due to a 208.8% improvement in passenger revenue from airline and airport business revenue that increased 206.9%. The jump in revenue was attributed to the easing of travel restrictions and quarantine rules during the first quarter.

Total expenses increased from THB2,033.7 million during Q1 2021 to THB2,487.4 million in Q1 2022, up 22.3%. Major cost items included aviation fuel, aircraft maintenance and passenger service fees.

The cost of sales and services reported at THB2,041.4 million grew by 34.5%, mainly due to increased flights and higher passenger numbers. Total selling and distribution expenses reached THB138.5 million, up 148.5%, mainly from reservation system costs which amounted to THB53.1 million.

For the first quarter of 2022, the company reported a loss before interest and tax, depreciation, and amortisation (EBITDA) of THB95 million and a net loss of THB1,025.5 million. Loss per share for this quarter was THB0.49.

1Q 2022 highlights

• The airline reintroduced two daily flights of special sealed-route for Bangkok-Phuket in order to support Thailand’s Phuket Sandbox programme from 1 February 2022.

• It launched Vaccinated Travel Lane flights from Samui to Singapore, to facilitate passengers who are fully vaccinated with no quarantine upon arrival in Singapore with 3 VTL flights per week and will be increased to a daily service from 1 July 2022 onwards.

• It announced the resale of the treasury stock programme for financial management purposes. The 40.0 million shares were sold through SET from 8 October 2021 to 3 March 2022 raising THB390.9 million.

• The company proceeded with the incorporation of a new subsidiary, namely Bangkok REIT Management Company Limited, with the registered capital of THB15 million having Bangkok Airways Holding Company Limited, as the shareholder holding 99.9997 per cent of the shares.

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