BANGKOK, 14 August 2024: Thai Airways reported its operational performance results for the second quarter of 2024, declaring declines in net profits for the Q2 and its half-year results compared to the same periods in 2023.
In Q2/2024, THAI served 3.81 million passengers. The average cabin factor was 73.2%.
Revenue Q2 2024
In the second quarter of 2024, THAI Airways International reported revenue of THB43,981 million, 17.7% higher than Q2 2023, when the airline group reported revenue of THB37,381 million. However, second-quarter revenue fell 4.3% compared with Q1 2024 due to a dip in travel demand. Expenses rose to THB38,056 million, an increase of 32.1%, mainly due to increased variable costs. This was attributed to yield pressures and the return of more capacity to the market, which impacted expenses.
THAI reported an operating profit of THB5,925 million, before financial costs and excluding one-time transactions, down from the THB8,576 million operating profit recorded in Q2 2023.
Due to a loss in foreign exchange and asset impairment, the airline group reported a net profit of THB314 million, down from a net profit of THB2,273 million recorded for the same period last year.
Half-year results 2024
The airline’s half-year results for 2024 recorded a total revenue of THB89,936 million, 14.0% higher than the same period last year.
Total expenses stood at THB72,935 million, 27.3% higher than the half-year 2023 results. THAI reported an operating profit, before financial costs and excluding one-time transactions, of THB17,001 million, down 21.3% compared with the same period last year.
The airline group’s financial costs reached THB9,403 million. THAI and its subsidiaries had one-time items mainly due to loss from foreign exchange and asset impairment, resulting in a total expense of THB4,847 million. Consequently, THAI and its subsidiaries reported a net profit of THB2,738 million compared with a net profit of THB14,795 million for the same period last year.
From January to June 2024, THAI’s fleet comprised 77 aircraft, and the average aircraft utilisation was 13 hours per day. Traffic production (ASK) increased by 15.6%, while passenger traffic (RPK) increased by 10.9%. The average cabin factor was 78.1%, lower than the previous year’s 81.4%. The total number of passengers carried was 7.68 million, an increase of 0.81 million from the same period last year and up 11.8% from the same period in 2023.
