THAI Announces its Results for the Second Quarter of 2018

Travel and Lifestyle Press Releases Tuesday August 14, 2018 11:14
Bangkok--14 Aug--Thai Airways International

THAI and its subsidiaries announces its operating result for the second quarter of 2018 with registered total revenue of THB 47,239 million, an increase by 4.6% from the same quarter of previous year. However, the Group reported the net loss of THB 3,086 million, 40.7% less loss compare to the same period of previous year due to the rising world oil price more than 30% and the intense competition. The operating result for the first half of 2018 reported the operating profit of THB 1,028 million, 41.8% higher than previous year but reported the net loss of THB 349 million, 82.9% less loss compare to previous year.

Mrs. Usanee Sangsingkeo, THAI Acting President, stated that THAI followed the guideline of 2018 transformation plan with the objective to ensure continuous and sustainable operating results and to increase the efficiency and to improve quality of service to be comparable to global standards. The results from the accomplishment of services development brought THAI and THAI Smile to receive multiple prestigious world best awards for the successive year. In this quarter, THAI added 1 Airbus A350-900 aircraft to its fleet, which mainly operates in Intercontinental and Regional routes resulting in THAI and its subsidiaries to have a total of 105 active aircrafts as of June 30, 2018. Production traffic (ASK) increased by 5.3% while passenger traffic (RPK) increased by 1.6%. Average cabin factor was 75.8% which is lower compare to 78.5% in the previous year whereby 5.90 million passengers were carried.

The second quarter of 2018 which was normally a low-season period, competition in the aviation industry was still intense along with the rising world oil prices. The performance for the second quarter of 2018 of THAI and its subsidiaries had operating loss of THB 2,807 million, loss higher than previous year of THB 965 million or 52.4%. Total revenue was THB 47,239 million, an increase of THB 2,057 million or 4.6% from the same quarter of previous year due to an increase in passenger and excess baggage revenue: THB 244 million (0.7%) and from increase in passenger traffic at 1.6%, despite a drop of 0.9% in average passenger yield. Freight and mail revenues increased by THB 665 million (13.9%). Other revenues also increased by THB 1,280 million because THAI recognized gain from sale of shares in Royal Orchid Hotel (Thailand) PCL amounted to THB 655 million and gain from sale of both domestic and international properties totaled at approximately THB 632 million. Total expenses amounted to THB 50,046 million, an increase of THB 3,022 million (6.4%) due to an increase in fuel expenses of THB 1,873 million (15.3%) resulting from an increase of 36.5% in average jet fuel price. Non-fuel operating expense increased by THB 1,158 million (3.4%) from previous year mainly from an increase in maintenance and overhaul expense as well as an increase in lease of aircraft and spare parts.

This quarter THAI and its subsidiaries had one-time expenses consisted of impairment loss of assets and aircraft, amount of THB 257 million and the loss on foreign currency exchange was THB 431 million mainly from balance sheet revaluation which the loss went down THB 2,000 million from previous year. Consequently, THAI and its subsidiaries reported the net loss of THB 3,086 million, which was less loss by THB 2,122 million (40.7%) compare to previous year. Loss attributable to owners of the parent amounted to THB 3,098 million. Loss per share was THB 1.42 per share, THB 0.97 (40.6%) less loss than previous year.

As of June 30, 2018, total assets of THAI and its subsidiaries were THB 281,956 million, an increase of THB 1,181 million (0.4%) from December 31, 2017. Total liabilities as of June 30, 2018 were THB 250,635 million increased by THB 1,873 million (0.8%) from December 31, 2017. As of June 30, 2018, shareholders' equity totaled THB 31,321 million, a decrease of THB 692 million (2.2%) from December 31, 2017 partly due to the loss from the operations from THAI and its subsidiaries during the first half of 2018.

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