BANGKOK, 12 November 2024: Thai Airways International reported Q3/2024 revenue of THB45,828 million, an increase of THB8,820 million, or 23.8%, compared to the same period last year (THB37,008 million).
Passengers carried reached 3.94 million, and the airline scored an average cabin factor of 76.1%, down from 77.3% during the same period last year.
THAI reported expenses of THB38,636 million, higher than the Q3/2023 (THB29,289 million). Most of this increase was due to variable costs associated with higher production and transportation volumes, with fuel expenses amounting to THB13,550 million (35.1%).
THAI reported an operating profit, before financial costs of THB7,192 million lower than THB7,719 million baht in Q3/2023.
THAI recorded financial costs of THB4,829 million and one-time items of THB10,119 million baht, mainly due to gain on foreign exchange rates.
THAI and its subsidiaries reported a net profit of THB12,483 million baht, compared to THB1,546 million in the same period last year.
Earnings before interest, tax, depreciation and amortization (EBITDA) after cash payments for aircraft lease agreement including Power by the Hour expenses for actual aircraft use, was THB6,655 million.
Nine months performance
In the first nine months of 2024, THAI and its subsidiaries reported total revenue, excluding one-time items, of THB135,810 million, representing a 17.2% increase compared to the same period last year, which declared revenue of THB115,897 million.
The total expenses, excluding one-time items, were THB111,617 million, representing a 28.9% increase compared to the same period last year when total expenses were THB86,567 million. THAI and its subsidiaries reported an operating profit, before financial costs and excluding one-time items, of THB24,193 million, a decrease of 17.5% from the same period last year, when it was THB29,330 million.
THAI and its subsidiaries recorded financial costs amounting to THB14,233 million and one-time items of THB5,273 million, mainly due to adjustments for expired passenger tickets, gain from debt restructuring, and gain on foreign exchange rates. However, impairment loss of assets mainly occurred in A380-800 aircraft.
Consequently, THAI and its subsidiaries reported a net profit of THB15,221 million, compared to THB16,342 million in the same period last year.
Passenger production, or Available Seat Kilometre (ASK), increased by 19.2%, while passenger traffic, or Revenue Passenger Kilometre (RPK), increased by 15.3%. This affected an average cabin factor of 77.4%, lower than the previous year’s 80.0%. Passengers carried was 11.62 million, an increase of 14.7% during the same period last year.
During the first nine months of 2024, THAI had paid THB3,531 million in debt repayment under its Rehabilitation Plan.
