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Thai AirAsia and NokScoot Post Positive Q1 2017 Profits
26th May 2017
Thailand’s long-haul low-cost carriers (LCC) Thai AirAsia X (TAAX) and NokScoot both posted profits for Q1 2017. TAAX posted a net profit of 9.9 million baht, while NokScoot posted 188 million baht in the period between January and March this year.
TAAX, a subsidiary of Malaysian long-haul LCC Malaysian AirAsia X, increased its revenue in Q1 by 17% compared to the same period last year. At the same time, the airline recorded a load factor of 94%, five percentage points up year-on-year (it was 89% in Q1 2016). The carrier also reported that it carried 15% more passengers.
The carrier also remains positive about the rest of the year since Thailand is a natural hub for tourists with a strong track record, both in and out of the country.
At the moment, Thai AirAsia X operates six Airbus 330 wide-body aircraft from its hub in Don Muang International Airport in Bangkok – to Incheon, Narita, Osaka and Shanghai.
Meanwhile, NokScoot, a joint venture (JV) of Singaporean Scoot and Thailand’s Nok Air, managed to turnaround its balance sheet and get into red boosted by its China market focus.
NokScoot increased its revenue for the period until 31st March, 2017 by 53.7% or to 1.33 billion baht. Two years ago, the LCC lost 1.22 billion baht, but that was in large part because it commenced flights later that year, in May. Last year, the carrier again posted a loss, but this time it was 612 million baht.
NokScoot accredited its results to several factors, including increased number of passengers, lower unit costs, higher cabin factors, more flight frequencies and introducing more international flights.
Both TAAX and NokScoot’s operations suffered after the International Civil Aviation Organization (ICAO) red-flagged Thailand’s civil aviation sector for a number of safety shortcomings in 2015. ICAO banned all Thai-registered airlines, including NokScoot and Thai AirAsia X, from introducing new routes, increasing flight frequencies on existing routes or changing aircraft types on current routes.
This year, Bangkok Air and Thai Airways International (THAI) received back their Air Operator Certificates (AoCs) and both TAAX and NokScoot expect to do the same.
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