Financial Round Up
THAI back in the black
May 18th 2015
Thai Airways International (THAI) has posted a first-quarter net profit of 4.54 billion baht ($139 million), reversing a 2.63 billion baht loss reported in the year-ago period, and reducing losses of 29.6 billion baht accumulated over the past seven quarters. Read More »
Revenue for the first quarter was up 20.3%, to 61.3 billion baht, of which 79% was attributable to airline activities (THAI and its budget subsidiary Thai Smile). The recovery of Thai tourism saw passenger numbers increase 17% year-on-year, to 5.62 million in the first quarter. ASKs increased 4.5% to 21.9 billion and RPKs were up 12.3% to 16.5 billion. Load factor improved by 5.3%, to 75.4%, but passenger yield declined 5.6%.
Thai budget carrier Nok Air, in which THAI holds a 39.2% stake, reported a first-quarter net profit of 55.6 million baht ($1.66 million), up 36% from the corresponding year-ago period, and following a 471.7 million baht loss in 2014 financial year.
The worst could be yet to come for the Thai carriers as the possibility of a FAA and ICAO safety downgrade for Thailand could “seriously affect the aviation industry of Thailand”, flag carrier THAI said in a statement. The regulators are expected to publish their assessments by June 30.
