BANGKOK, 15 May 2023: Thai Airways International and its subsidiaries reported a strong upswing in revenue during the first quarter of 2023 due to rising airfares and a surge in leisure travel.  

The airline reported to the Stock Exchange of Thailand total Q1 revenue stood at THB41,507 million baht, higher than last year, which closed at THB11,181 million. It represented a 271.2% improvement in revenue due to a robust increase in passenger demand following the resumption of international flights.

The airline identified substantial increases in flights to destinations such as Japan and Korea and the restart of flights serving some key destinations in China effective 1 March 2023. 

THAI subsidiaries reported Q1 expenses stood at THB28,473 million, higher than Q1 2022, which recorded  THB14,348 million, partly caused by a higher fuel bill up 9.7% compared to Q1 2022. 

THAI reported an operating profit, before financial costs and excluding one-time transactions, at THB13,034 million, significantly improved from that in Q1/2022, which recorded an operating loss of THB3,167 million. 

THAI’s financial costs stood at THB3,549 million, which included one-time items mainly due to gain on debt restructuring and foreign exchange rates with a profit of sale on assets resulting in total revenue of THB2,987 million. 

Consequently, THAI reported a net profit of THB12,523 million, while in the same period last year, it reported a net loss of THB3,243 million. Profit attributable to the parent company was THB12,514 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) after cash paid for aircraft lease payment, including Power by the Hour, amounted to THB14,054 million. 

THAI Smile Airways’ operating loss, excluding one-time transactions, was THB172 million. However, it had a net profit of THB82 million due to one-time items of THB517 million resulting from the reversal of expenses.

As of 31 March 2023, THAI had 65 operational aircraft with average aircraft utilisation of 12.3 hours daily. Traffic production (ASK) increased by 121.4%, while passenger traffic (RPK) increased by 469.2%, affecting an average cabin factor of 83.5%, higher than the previous year’s 32.5%.

Passengers carried stood at 3.52 million, an increase of 245.1%. Total assets were THB208,445 million, an increase of THB10,267 million (5.2%) from 31 December 2022. Total liabilities were THB266,948 million, a decrease of THB2,254 million (0.8%) from 31 December 2022. The shareholders’ equity of THAI and its subsidiaries amounted to THB-58,503 million, a negative decrease from 31 December 2022 by THB12,521 million.