Thai Airways Reports Q1 and Q2 2020 Results

Thai Airways and its subsidiaries have reported Q1 and Q2 2020 results.

Total revenue for the first quarter was THB 38,001 million (approximately THB 31 equals US$1), THB 11,790 million (23.7%) less than the same period last year.

Expenses amounted to THB 42,609 million, THB 8,010 million (15.8%) less than last year. Thai Airways and its subsidiaries incurred a net loss of THB 22,676 million, compared to a profit of THB 456 million during the same period last year.

In the second quarter 2020, the global aviation industry was even more greatly impacted by the ongoing COVID19 pandemic and the Civil Aviation Authority of Thailand (CAAT) suspended international flight arrivals into Thailand. In order for Thai Airways to maintain its financial liquidity and maximize its cash flow, the company operated charter and cargo flights as well as special flights to repatriate Thai people.

Production traffic (ASK) reduced by 96.5%, passenger traffic (RPK) decreased by 99.5%, with an average cabin factor that was 10.3% less that than same period last year at an average of 74.7%, with a total of 0.08 million passengers, or 98.6% less than in Q2 2019. Average freight load factor was 99.9%, 52.8% higher than last year.

The company earned revenue from cargo operations, special flights, customer airline services, and THAI Catering consumable products that amounted to THB 2,492 million, THB 40,017 million (94.1%) less than the same period last year.

During the second quarter, Thai Airways was better able to control expenses as the board of directors, management, and employees voluntarily reduced their salaries from April to December 2020. The company’s total expenses were THB 16,193 million, THB 33,428 million (67.4%) less than the same period last year. As a result, THAI and its subsidiaries incurred a net loss of THB 5,353 million, THB 1,525 million (22.2%) less than in Q2 2019.

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