(14/05/24)
The sole shareholder of Thai AirAsia (TAA), Asia
Aviation (AAV), has reported its Q1 2024 operational results.
Revenues from sales and services amounted to THB
13,793.7 million, an increase of 52% year-on-year, whilst EBITDA
(earnings before interest, taxes, depreciation and amortisation) was THB 3,094.2 million, up 78% on the same quarter in
2023.
Whilst the company booked a net loss of THB 409.1
million
due to the depreciation of the Thai Baht that led to a foreign
exchange loss of THB 2,049.4 million, cashflow was not impacted and
remained positive.
Excluding the foreign exchange loss, AAV
achieved a core profit of THB 1,640.3 million in the first quarter,
turning around a loss of THB 203.2 million during the same period last
year.
The airline transported 5.5 million passengers
during the quarter,
up 19% year-on-year, by operating 50 of its fleet of 56
aircraft.
New routes introduced in Q1 included Hat Yai-Singapore
and Don Mueang-Kaohsiung.
Seat capacity recovered during the
period to 90%, whilst passengers carried recovered to 93% of the total seen before the COVID19 pandemic.
“Our domestic market share by the end of March
2024 was at a record high of 40%, an affirmation of our brand’s
leadership. We supplemented our inherent strengths including
having a larger fleet than our competitors and our on-time
performance, with targeted marketing efforts aimed at different
customer groups that resulted in a higher and wider brand
awareness of Thai AirAsia in the market,” said Santisuk Klongchaiya,
CEO of AAV and TAA. “We have seen exceptional growth in our
international operations during the quarter. We benefitted notably
from the lifting of visa requirements between Thailand and China
in March that resulted in a surge in both incoming and outgoing
travellers between both countries, while we continued to see
strong responses in India, ASEAN, Taiwan and Japan. During the
quarter, TAA launched Don Mueang-Beijing, as well as Fifth Freedom
routes Don Mueang-Taipei-Okinawa and Don Mueang-Kaohsiung-Tokyo
Narita, which will begin operation in Q2. These provide
opportunities for us to connect with new high-potential customer
groups in the wider region.”
For all of 2024, TAA is maintaining a passenger
target of 20-21 million passengers with a load factor average of 90%. That would translate to a 20-23% growth of
revenues from sales and services compared to last year as the
company looks to expand its fleet to 60 operating aircraft by
year’s end.
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