Thai Airways Turns Profitable in Fiscal Year 2023, Netting 28.1 Billion Thai Baht

Thai Airways (Boeing 787-8 aircraft)

Thai Airways has announced its financial results for the fiscal period ending December 2023, reporting a net profit of 28.12 billion Thai Baht.

Total revenue reached 161.067 billion Thai Baht, with passenger income increasing by 79.3%, which contributed to a 53.3% increase compared to the previous period and stood at 87% compared to 2019. Operating expenses excluding one-off transactions were 120.857 billion Thai Baht, marking a 24.3% increase from the previous period, attributed to fluctuations in fuel prices accounting for 39.5% of costs and increased production volumes. The average seat occupancy rate was 79.7%, up by 11.8% from the previous period.

Earnings Before Interest and Taxes (EBIT) were 40.211 billion Thai Baht, and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) post-aircraft lease costs amounted to 42.875 billion Thai Baht, both exceeding the values projected in the recovery plan.

Furthermore, the airline recorded a special gain of 2.2101 billion Thai Baht from debt restructuring and asset sales, and a special loss of 1.066 billion Thai Baht from foreign exchange differences. Earnings per share stood at 12.87 Thai Baht.

Total assets were 238.910 billion Thai Baht, a 20.6% increase from the end of the previous period. Liabilities rose by 4.8% to 282.133 billion Thai Baht. The airline operates a fleet of 50 wide-body and 20 single-aisle aircraft, totaling 70 aircraft.

In its summer schedule, the airline will serve 61 cities, increasing flights to intercontinental destinations like Beijing, Shanghai, and Sydney, and launching new routes to Oslo, Milan, Perth, and Kochi.

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