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THAI Reveals Q2 2017 Results
15th Aug 2017
Thai Airways International (THAI) and its subsidiaries, Thai Smile and Nok Air, announced that in the second quarter of this year, they had an operating loss of 1,542 million baht. The operating loss, which was 13.5% down from the same quarter last year, mostly came from decreased passenger yield (10.9%) and a jump in jet fuel cost (20.1%) compared to last year. On the other hand, cabin factor was the highest in the last 10 years.
Without one-time expenses, impairment loss of aircraft and assets, loss on foreign currency and the loss that came from the change in Nok Air ownership, THAI with its subsidiaries had a total net loss of 5,208 million baht.
Total revenue on the other hand was 45,182 million baht or 9.6% up from the same period in the previous year. This was thanks to an increase in passenger traffic by 21.9%, which led to better passenger and excess baggage revenue. However, due to a stronger competition in this quarter, passenger yield dropped some.
Total expenses reported by THAI and subsidiaries were 46,724 million baht, 8.6% up from the same period in 2016. The main factors here were an increase in jet fuel expenses of 527 million baht (4.5%) coming from a jump in average jet fuel prices of 20.1% compared to last year. As for non-fuel operating expenses, THAI reported these to be increased by 3,390 million baht (11.3%) from last year.
THAI and its subsidiaries reported a net loss of 5,208 million baht, while loss per share was 2.39. Last year loss per share was 1.05, meaning that this year it was 78.4% higher.
One-time expenses reported by THAI and its subsidiaries were at 575 million baht, loss from foreign currency exchange was 2,341 million, impairment loss of assets and aircraft was 390 million and loss from changes in ownership interest in Nok Air was 428 million baht.
Thai Airways reported total assets (as of 30th June, 2017) to be 291,800 million baht, 3.1% or 8,676 higher than at the end of 2016. Total liabilities were at 260,239 million (10,703 million or 4.3% up from 31st December, 2016). Equity for shareholders was 31.561 million in this period, 6.0% down from 31st December last year.
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