Asia Aviation (AAV), the sole shareholder of
Thai AirAsia (TAA), has reported a second quarter revenue of THB
10,398.5 million, up 275% year-on-year and a 6% increase on the
previous quarter. Gross profit for the quarter was THB 998.2
million, up 143% y-o-y.
The airline has attributed the significantly improved performance to
the robust recovery of the tourism industry, bolstered
by the reopening of the China market in the first quarter as well
as continuous management of expenses.
Whilst earnings before interest,
taxes, depreciation and amortization (EBITDA) increased to THB 1,817.2
million, the depreciating Baht at the end of Q2 meant that the
company experienced an unrealised foreign exchange loss and
consequently reported a net
loss of THB 1,012.5 million for the quarter under review.
returns for AAV have continued to be positive, especially in the
domestic market where the load factor reached up to 94%,” said Santisuk Klongchaiya, Chief Executive Officer of Asia
Aviation and Thai AirAsia. “Internationally, China has remained a key strategic market in the
region even as its economy recovered at a slower pace than
forecast during the second quarter while its visa and passport
approvals continued to simplify. In Q2 2023, Thai AirAsia increased
its services to China to 108 flights per week, up 67 flights a
week from Q1. Good sentiment was also seen in the ASEAN and India
markets as the company worked closely with the Tourism Authority
of Thailand to plot strategies and campaigns to draw more foreign
travelers to Thailand and continue to leverage on TAA’s extensive
and high frequency domestic network to boost tourism growth.”
For the first half of 2023, AAV achieved a total revenue of
THB 19,641.1 million, up 324% on the same period last year. Ancillary services accounted for 19% of revenue from sales and
Whilst the company reported a net loss of
THB 653.1 million due to unrealised foreign exchange losses, the
net loss improved from THB 7,278.5 million during the same
period last year.
Seat Capacity has returned to 77% of pre-pandemic levels, with the airline carrying 9.22 million
passengers during the period.
The airline maintains its target of
carrying 20 million passengers during 2023.
returns have continued to improve and we have seen a positive
EBITDA for three consecutive quarters alongside a healthy cash
flow and strong liquidity. We have been working to manage our
costs to return to pre-pandemic figures and the second half of the
year will offer a crucial opportunity for the company to return to
net operational profit for the first time since the pandemic. We
have a diverse marketing plan, a growing international route
network and are speedily returning aircraft to service from a
fleet of 54 aircraft at present, ” added Khun Santisuk.
Thai AirAsia has indicated that it will continue
increasing services to China and will also launch routes to Sihanoukville
(Cambodia), Kathmandu (Nepal) and Ahmedabad (India) later in the
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