Thai Airways Reports Q3 2010 Operating Results

Thai Airways International has reported its operating results for Q3 2010.

During the quarter THAI earned a profit of 2.9 billion Baht before FOREX and before income tax (EBT = Earnings Before Income Taxes), compared to the third quarter loss of 1.13 billion Baht last year. Third quarter revenue totalled 45.41 billion Baht, which was 16% higher than the same period in 2009 by 6.27 billion Baht.

Expenses, excluding gain or loss from FOREX but including profit or loss by equity method from investments were 42.51 billion Baht, which was 5.50% higher than the previous year’s expenses by 2.23 billion Baht. Due to the stronger Thai Baht, THAI incurred a loss of 2.77 billion Baht in FOREX. Including the 2.77 billion Baht FOREX loss, THAI earned a profit of 136 million Baht or 0.08 Baht per share, which was higher than the same period in 2009 that had a loss of 4.03 billion Baht, or a loss of 2.37 Baht per share. EBITDA was 8.68 billion Baht, which was 3.14 billion Baht higher than the previous year.

 Cabin Factor averaged 74.7%, higher than the same period in 2009, which averaged at 73.9%; Freight Load Factor averaged 61.3%, higher than the previous year’s average of 53.8%.

From 1 January to 30 September 2010, THAI’s net profit was 12.41 billion Baht, or an earning per share (EPS) of 7.25 Baht, which was higher than the same period in 2009 (when the incurred loss was 1.57 billion Baht, or a share price loss of 0.92 Baht per share). The profit from FOREX was 6.24 billion Baht and EBITDA was 23.35 billion Baht, which was 5.30 billion Baht higher than the previous year.

As of 30 September 2010, THAI and its subsidiary’s combined assets totaled to 281.26 billion Baht, an increase from end of 2009 by 9.57 billion Baht. THAI’s total liabilities were 201.19 billion Baht, a decrease of 17.26 billion Baht. THAI’s total equity was 80.08 billion Baht, an increase by 26.83 billion Baht, resulting in part from its second public offering of 483.9 million shares in September 2010.

For October 2010, Available Seat-Kilometer (ASK) was 2.66% higher than October 2009 and 5.62% higher than September 2010; Revenue Passenger-Kilometer (RPK) was 1.88% higher than October 2009 and 7.69% higher than in September 2010; Cabin Factor (CF) averaged at 74.50%, which was 1.96% higher than in September 2010.

For the period from January to October 2010, Available Seat-Kilometer (ASK) was 5.41% higher than the same period the previous year; Revenue Passenger Kilometer (RPK) was 7.17% higher than the same period in 2009; Cabin Factor averaged at 73.70%, which was 1.67% higher than the same period in 2009.

For Cargo and Commercial Mail, Available Dead Load Ton-Kilometers (ADTK) in October 2010 was 18.93% higher than in October 2009 and 7.40% higher than in September 2010. Revenue Freight Ton-Kilometers (RFTK) was 25.71% higher than in October 2009 and 8.20% higher than in September 2010. Te Freight Load Factor averaged 62.71%, which was 5.71% higher than in October 2009, and 0.74% higher than in September 2010.

During January-October 2010, ADTK was 17.82% higher than the same period in 2009; RFTK was 45.36% higher than the same period in 2009; Freight Load Factor averaged 61.99%, which was 23.37% higher than the same period last year.

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