BANGKOK, 13 May 2024: Thai Airways International reports revenue increased 10.7% to reach THB45,955 million during the first quarter of 2024, but operating profit tallied THB11,075 million, down THB1,959 million when compared with Q1 2023, representing a 15% decline.
In the first quarter of 2024, the public-listed company and its subsidiaries reported total revenue at THB45,955 million, 10.7% higher than the same period last year, which was THB41,507 million. This increase was attributed to a substantial increase in passenger revenue following the resumption of flight services and flight increases on routes to Europe, Australia, and Japan.
Total expenses stood at THB34,880 million, up THB6,407 million (22.5%), when compared with QT2023 total expenses that stood at THB28,473 million. The increase was due to higher production, increased traffic, flights, routes, and passenger traffic, baht depreciation, ground service fee and raw material price also impacted expenses. These factors resulted in high expenses, including passenger handling expenses, flight service expenses, and aircraft and spare part maintenance.
THAI and its subsidiaries reported the operating profit, before financial costs, excluding one-time items, at THB11,075 million, which was 1,959 million baht or a 15.0% decrease when compared to Q1/2023.
Financial costs reached THB4,608 million. Net one-time items such as expenses amounted to THB4,036 million mainly due to loss from foreign exchange at THB5,372 million impairment of aircraft, right-of-use assets and rotatable aircraft’s spare parts at THB3,338 million, while outdated passenger ticket revenue adjustment at THB4,136 million, gain on debt restructuring at THB493 million and share of profits from investments in the company at THB36 million t. Consequently, THAI and its subsidiaries reported a net profit of THB2,423 million.
In Q1/2024, THAI had a fleet of 73 active aircraft, an increase of eight aircraft, all of which are Airbus A350-900, that THAI has acquired and utilised for flight services from the previous year. The average aircraft utilisation was 12.8 hours per day. Passenger production (ASK) increased by 10.1%. In comparison, passenger traffic (RPK) increased by 10.1%, affecting an average cabin factor of 83.5%, higher than the average rate of the industry, which was 80.8%. The total number of passengers carried was 3.88 million, an increase of 10.2%.
In Q1/2024, THAI reported a total passenger revenue of THB38,517 million.
THAI also enhances customer experiences by refurbishing cabins and seats during Q1/2024, a project that is due to be completed in Q2/2024. In addition, on 1 May 2024, THAI introduced the new version of the “Thai Airways” mobile application with various platforms that facilitate travel services. With this new version, passengers will be able to manage flights and access Royal Orchid Plus (ROP) services more conveniently.
