PG reports 2022 operating losses

BANGKOK, 17 November 2022: Bangkok Airways reports an operating loss of THB1,191.4 million for the nine months ending 30 September 2022, according to a statement to the Stock Exchange of Thailand posted on 14 November.

However, it represented an improvement of THB1,396.1 million or 54% when compared with quarters one to three in 2021 due to a boost in revenue of THB4,649.3 million, up 133.9% over 2021.

During the nine months of 2022, airline passenger revenue grew by 794.8%, airport business revenue by 622.9% and airport-related business revenue by 63.2%.

However, expenses increased by 60.3% (THB3,667.6 million), mainly due to escalating fuel use and prices along with aircraft maintenance expenses. The company reported a net loss of THB2,274.5 million, of which the loss attributable to the equity holders was THB2,260.4 million. Loss per share for the period was THB1.08.

In its executive summary to the SET, the airline reported that during the third quarter of 2022, it increased flights to match growing travel demand on its Bangkok-Samui, Bangkok-Chiang-Mai, Bangkok- Phnom Penh and Samui-Singapore routes.

It also reinstated routes such as Bangkok-Maldives, Bangkok-Siem-Reap, Bangkok – Yangon and Bangkok- Danang.

Additionally, the airline launched new routes from Bangkok to Had-Yai and Samui to Had-Yai in July 2022.

Flights and passengers for the third quarter of 2022 increased by 910.4%  and 2,950.8%, respectively.

For the nine months of 2022, the airline carried 1.7 million passengers and completed 19,648 flights, up 528.1% and 302.1%, respectively, compared to last year. The overall load factor was 74.2, up by 19.1 percentage points from the previous year.