THAI reports over THB3.2-bn loss despite 155% increase in revenue

In its financial performance report, THAI said operational revenue had increased by THB6.797 billion compared to the same period last year.

However, it incurred expenditure, which excluded one-time transactions, of THB14.348 billion, up THB2.967 billion year on year, inflicting a loss of THB3.167 billion.

THAI noted in the report that its loss, which excluded one-time transactions, dropped by 54.7 per cent, or by THB3.83 billion, year on year.

THAI said its net loss for the first quarter was THB3.243 billion, down THB8.962 billion year on year. The net loss translated into a loss per share of THB1.49, compared to THB5.59 in the first quarter of last year.

As of March 31, THAI and its subsidiaries had total assets valued at THB162.423 billion, an increase of THB1.204 billion from December 31, 2021, while total liabilities stood at THB236.909 billion, an increase of THB4.439 billion.

THAI reported that the demand for passenger seats had continually increased in the first five months of this year because the government had gradually eased Covid travel restrictions.

The report said THAI and Thai Smile had 10,238 passengers and 10,870 passengers for domestic and international flights respectively for the first 10 days of May, compared to 4,929 passengers and 269 passengers, respectively, in October last year. The figures showed a significant increase in the number of passengers after the government relaxed travel restrictions, the report added.

THAI said goods transportation by its planes has returned to 50 per cent of the pre-Covid level in 2019.

THAI said it has increased frequency of THAI and Thai Smile flights from the second quarter of this year to respond to the increased demand following the easing of travel restrictions and the improvement in the Covid situation.

It said its flights to the following destinations have increased:

— Chennai (India) from 5 to 7 flights per week from April 1

— Bengaluru (India) from 5 to 7 flights per week from April 1

— New Delhi from 7 to 14 flights per week from April 1

— Mumbai from 5 to 7 flights per week from April 1

— Lahore (Pakistan) from 3 to 4 flights per week from May 1

— Karachi from 2 to 3 flights per week from May 1

— Islamabad from 2 to 3 flights per week from May 1

— Hanoi from 7 to 14 flights per week from May 1

— Ho Chi Minh from 7 to 14 flights per week form May 1

— Phnom Penh from 7 to 14 flights per week from May 1

— Melbourne from 4 to 7 flights per week from May 1

— London from 11 to 14 flights per week from May 29

— Jakarta from 3 to 7 flights per week from June 1

— Dhaka from 7 to 10 flights per week from June 1

— Frankfurt from 10 to 14 flights per week from June 25

— Taipei from 4 to 7 flights per week from June 25

— Singapore from 10 to 14 flights per week from July 1

— Copenhagen from 5 to 7 flights per week from July 1

— Munich from 5 to 7 flights per week from July 1

— Zurich from 5 to 7 flights per week from July 1

The company also has increased flights to or opened the following new routes:

— Penang 4 flights per week from May 1

— Vientiane 3 flights per week from May 1

— Bali 4 flights per week from May 1, and flights will increase to 7 per week from June 18

— Hyderabad one daily flight from May 13

— Yangon one daily flight from June 1

—Tokyo (Haneda International Airport) one daily flight from July 1

— Kaohsiung (Taiwan) one daily flight from July 1

— Brussels three flights per week from July 2 to August 30

The report added Thai Smile will also fly 14 flights per week from Don Mueang Airport to Phuket International Airport starting May 20.

THAI entered a court-supervised rehabilitation after reporting its worst-ever net loss of THB141 billion, hammered by the pandemic that began in 2020. 
The company reported a net profit of THB55.1 billion in 2021, following restructuring efforts that included improving management efficiency and selling off assets.