BANGKOK, 17 May 2023: Asia Aviation Plc (AAV), the sole shareholder of Thai AirAsia (TAA), announces its operational results for the first quarter of 2023 (“1Q2023”) with total revenue of THB9,814.8 million, up 369% year-on-year,
TAA generated a net profit of THB359.4 million on the back of THB1,765.4 million in earnings before interest, taxes, depreciation and amortisation (“EBITDA”).
The positive figures for the second consecutive quarter reflect strongly on the recovery in the domestic market, where TAA achieved a record-setting market share of 37%. Similarly, demand in the international market is also rebounding, especially in China, where growth has significantly improved since March 2023 and is expected to continue until the end of the year. Based on these positive developments, the company is confident of recording its first post-pandemic net profit this year.
Throughout 1Q2023, TAA served 4.58 million passengers, up 13% from the previous quarter and 216% year-on-year. The quarterly load factor hit a new high of 92%, while on-time performance remained strong at 87%. The airline completed the quarter with a fleet of 54 aircraft (one aircraft pending redelivery), with 45 active in service. The utilisation rate averaged 11.8 hours per day per aircraft.
Looking forward, TAA will add domestic and international routes from its Don Mueang, Suvarnabhumi, Chiang Mai and Phuket flight bases. From the start of the year to the end of April, over 845,000 Chinese travellers visited Thailand, second only to the 1.29 million travellers from Malaysia. As of the end of the first quarter, Thai AirAsia is operating 67 flights to China each week and is looking to increase frequency to 114 per week in the second quarter before returning to its pre-pandemic peak of 140 flights per week later this year.
For 2023, TAA is maintaining a target of 20 million passengers served, up from the 9.95 million served last year. The load factor has been forecast at 87%, and the airline is confident of maintaining its on-time performance industry leadership while having the largest operating fleet of 53 aircraft. If the travel sector recovers faster than predicted, TAA plans to bring in more aircraft to capitalise on the opportunity for growth.
