BANGKOK, 16 August 2023: Asia Aviation PLC (AAV), the sole shareholder of Thai AirAsia Co Ltd, reports Q2 2023 revenue reached THB10,398.5 million, up 275% year-on-year and 6% on the previous quarter.
Gross profit for the quarter was THB998.2 million, up 143% YoY. However, a net loss of THB1,012.5 million was recorded due to unrealised foreign exchange loss stemming from the baht depreciation.
The significantly improved performance is attributed to a robust recovery of the tourism industry, bolstered by the reopening of the China market in the first quarter.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased to THB1,817.2 million. Still, due to the depreciating baht at the end of Q2, the company saw an unrealised foreign exchange loss and reported a net loss of (THB1,012.5 million) for the quarter under review.
For the first half of 2023, AAV achieved revenue of THB19,641.1 million, up 324% from the same period last year. Ancillary services accounted for 19% of revenue from sales and services.
While the company reported a net loss of THB653.1 million due to unrealised foreign exchange losses, the net loss improved from THB7,278.5 million during the same period last year. Seat Capacity has returned to 77% from the pre-pandemic levels, with the airline carrying 9.22 million passengers. The airline maintains its target of 20 million passengers carried for the year.
During the latter half of the year, the company intends to close the gap with the pre-pandemic capacity of 38 weekly flights to China. New services will be added to Sihanoukville (Cambodia), Kathmandu (Nepal), and Ahmedabad (India).
