Asia Aviation PLC (AAV), the sole owner of Thai AirAsia Co Ltd, has announced that its revenue for the second quarter of 2023 reached THB10,398.5 million, marking a substantial increase of 275% compared to the same period last year. This also represents a 6% growth from the previous quarter. Despite this impressive growth, the company recorded a net loss of THB1,012.5 million.
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GLOAsia Aviation PLC (AAV), the sole owner of Thai AirAsia Co Ltd, has announced that its revenue for the second quarter of 2023 reached THB10,398.5 million, marking a substantial increase of 275% compared to the same period last year. This also represents a 6% growth from the previous quarter. Despite this impressive growth, the company recorded a net loss of THB1,012.5 million for the quarter, primarily due to unrealized foreign exchange losses resulting from the depreciation of the baht.
The notable improvement in performance is attributed to the strong recovery of the tourism industry, which was further boosted by the reopening of the Chinese market in the first quarter. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to THB1,817.2 million. However, the depreciating baht at the end of the second quarter led to an unrealized foreign exchange loss, resulting in a net loss of THB1,012.5 million for the quarter.
For the first half of 2023, AAV achieved a total revenue of THB19,641.1 million, reflecting a remarkable increase of 324% compared to the corresponding period in the previous year. Ancillary services contributed to 19% of the revenue from sales and services. Despite the net loss of THB653.1 million attributed to unrealized foreign exchange losses, there was an improvement from the net loss of THB7,278.5 million recorded during the same period in the prior year.
The company’s seat capacity has rebounded to 77% of the pre-pandemic levels, and it successfully transported 9.22 million passengers. The annual passenger target of 20 million remains unchanged. Looking ahead to the latter half of the year, AAV plans to narrow the gap with the pre-pandemic capacity by reinstating 38 weekly flights to China. Additionally, new routes will be introduced to Sihanoukville (Cambodia), Kathmandu (Nepal), and Ahmedabad (India).
Source: AAV
