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THAI narrows deficit but Thai Smile losses mount

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BANGKOK, 28 February 2023: Thai Airways International and its subsidiaries reported a net loss of THB252 million or THB0.12 per share in its operational performance results for the year ended 31 December 2022.

The deficit was mainly due to Thai Smile Airways’ operating loss of THB4,248 million in 2022.

The national airline announced it intends to merge THAI Smile with THAI to cut losses. That could result in regional and domestic flights returning to the parent airline, possibly by the start of the fiscal year 2024.

For the year ended 31 December 2022, THAI reported the total revenue, excluding one-time transactions of THB97,514 million, higher than that in 2022 by 341%, mainly due to a significant increase in passenger and cargo revenue. 

Total expenses, excluding one-time transactions, amounted to THB86,307 million baht, which was 127% higher than the previous year, mainly due to variable expenses of fuel price, which escalated to the highest rate in years and cost of transportation service as a result of higher production. 

The operating profit (EBIT) was THB11,207 million, higher than last year, which reported an operating loss of THB15,906 million.  EBITDA after deducting aircraft lease payments was a profit of THB19,689 million, higher than the projection in the Rehabilitation plan.  If the company’s EBITDA, after the aircraft lease payment deduction, is higher than THB20,000 million within twelve months, THAI’s operation under the Rehabilitation Plan can be terminated.

However, such loss was better than the projection in the Rehabilitation Plan.  Profit per share in 2021 was 25.25 baht.

As of 31 December 2022, the total assets of THAI and its subsidiaries stood at THB198,178 million baht, which increased by 22.9% compared to the figure as of 31 December 2021. 

The total liabilities stood at THB 269,202 million, an increase of 16%.  Shareholders’ equity of THAI and its subsidiaries amounted to THB -71,024 million, a decrease of THB227 million, while the shareholders’ equity of THAI was THB -63,493 million, which is a decrease of THB3,165 million compared to the figure as of 31 December 2021.

Cash and cash equivalent totalled THB34,540 million, an increase of THB29,025 million mainly due to the company’s business operation.

Available Seat km (ASK) were 243% higher than last year, and  Revenue Passenger km (RPK) were 1,118% higher than last year.  Cabin Factor averaged 67.9%, higher than 19.1% last year.  The total number of passengers was 9.01 million, higher than the previous year by 449%.  Available Dead Load Ton-km (ADTK) was 249% higher than the previous year. 

In the Summer Programme 2023, THAI will operate flights to 39 destinations worldwide with increases in flight frequencies in intercontinental and regional routes such as Tokyo (Narita and Haneda), Osaka, Seoul, Taipei, Hong Kong, Singapore, Kolkata and Mumbai. 

THAI will also resume flight services to destinations in China, namely Beijing, Shanghai, Kunming, Chengdu and Guangzhou, in response to continually rising travel demand. 

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