BANGKOK, 16 August 2022: Thai Airways International and its subsidiaries reported revenue (excluding the one-time transactions) at THB21,526 million, 282% higher than last year’s THB5,635 million for the second quarter of 2022
The revenue from passenger and cargo services increased by 619.3% to THB19,803 million, mainly due to the continual production rise.
Operating expenses (excluding the one-time transactions) reached THB 22,825 million, 126.3% higher than the previous year, mainly due to variable operating expenses, especially the aviation fuel price.
Fuel costs jumped 104.1%, resulting in a bill of THB8,946 million (39.2% of total operating expenses). The company’s personnel expenses decreased due to the continual cost reduction programme implemented under THAI’s Rehabilitation Plan supervised by the court.
This resulted in an operating loss before the financial costs, excluding the one-time transactions of THB1,299 million, significantly lower than last year when the airline reported an operating loss of THB4,449 million.
In Q2/2022, the profit from Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) after deduction of aircraft leases was THB168 million, which was positive for the first time since the company operated under the Rehabilitation Plan. Last year’s loss from EBITDA was THB9,212 million.
In the second quarter of 2022, THAI and its subsidiaries reported its financial cost at THB3,102 million and one-time transactions with net profit totalling THB1,982 million baht consisting of profits from debt restructuring, organisational restructuring, personnel compensation structure and sales of investment and assets despite the loss of asset impairment and foreign exchange rate.
THAI and its subsidiaries reported THB3,213 million of net loss in Q2/2022, while in 2021, the net profit was THB23,326 million due to the one-time transactions with a net profit of THB27,100 million in Q2/2021.
The recovery of the aviation industry and business due to the easing of travel restrictions in many countries since the end of 2021 was the major factor that helped to boost the company’s flight operations and frequencies.
In the second quarter of 2022, THAI and its subsidiaries’ Available Seat Kilometers (ASK) improved 366.6% when compared with last year. Revenue Passenger Kilometers (RPK) was 1,766.9% higher than last year. Cabin Factor averaged 60.3%, which was higher than 15.1% last year. Passenger traffic increased by 2.01 million, which was higher than the previous year by 570%. Available Dead Load Ton-Kilometers (ADTK) were 384.4% higher than the previous year. Revenue Freight Ton-Kilometers (RFTK) was higher by 241.5%. Freight Load Factor averaged 69.0%.
In addition, as the travel and cargo demand significantly increased in July 2022, the cabin factor improved 77.7%, resulting in the passenger and cargo revenue rising to THB10,000 million. With 30% of the total passengers travelling to and from Thailand, the airline had THB13,474 million of cash equivalents at the end of June 2022, while at the end of 2021, the company had THB5,515 million.