THAI narrows losses in Q1 2022

BANGKOK, 23 May 2022: THAI and its subsidiaries reported a THB3,243 million net loss during the first quarter of 2022, but down THB 8,962 million when compared with results during the same quarter of 2021. 

Loss attributable to owners of the parent company amounted to THB3,247 million. Loss per share was THB1.49, while in Q1/2021 was THB5.59.

The airline announced the results of its Q1 2022 financial performance as it resumes flights to meet the growing demand for travel to Thailand in response to the easing of Covid-19 travel rules.

The airline’s operating loss before financial costs, excluding the one-time transactions, closed at THB3,167 million, down by THB3,830 million or 54.7%.

Revenue

 For the first quarter of 2022, THAI and its subsidiaries generated THB11,181 million in revenue, excluding the one-time transactions. The result was higher than last year by THB6,797 million or 155%, mainly due to an increase in both passenger and cargo revenue.

Expenses

The total operating expenses, excluding the one-time transactions, amounted to THB14,348 million, which was THB2,967 million higher than in Q1 2021, mainly due to variable operating expenses and the rise in fuel price.

Assets

As of 31 March 2022, the total assets of THAI and its subsidiaries totalled THB162,423 million, representing an increase of THB1,204 million when compared to results declared on 31 December 2021.

Liabilities

The total liabilities reached THB 236,909 million, an increase of THB 4,439 million. Shareholders’ equity amounted to a minus THB74,486 million, a decrease of THB3,235 million compared to Q1 2021.

The recovery in travel demand and cargo delivery has generated significant revenue resulting in the company’s liquidity reaching the highest level since the Central Bankruptcy Court approved the airline’s rehabilitation plan on 15 June 2021.

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