In the first quarter of 2024, Thai Airways International Public Company Limited (THAI) and its subsidiaries reported the total revenue at 45,955 million baht, 10.7% higher than the same period last year which was 41,507 million baht, mainly due to a substantial increase in passenger revenue following the resumption of flight services and the increases of flight frequencies in preferred routes to Europe, Australia and Japan.   
 
THAI and its subsidiaries reported the total expenses at 34,880 million baht, higher than the previous year 6,407 million baht (22.5%) while the previous year was reported the total expenses at 28,473 million baht, from increasing in production, traffic, number of flights, routes, number of passengers, Baht depreciation, ground service fee and raw material price.  These factors resulted in overall high expenses including passenger handling expenses, flight service expenses, aircraft and spare part maintenance.  THAI and its subsidiaries reported the operating profit, before financial costs, excluding one-time items, at 11,075 million baht, which was 1,959 million baht or 15.0% decrease from that in Q1/2023.

THAI and its subsidiaries’ financial costs, in accordance with Financial Reporting Standard No. 9 (TFRS 9), was 4,608 million baht.  THAI and its subsidiaries had net one-time items as expense amounted to 4,036 million baht mainly due to loss from foreign exchange at 5,372 million baht, impairment of aircraft, right-of-use assets and rotable aircraft’s spare parts at 3,338 million baht while outdated passenger ticket revenue adjustment at 4,136 million baht, gain on debt restructuring at 493 million baht and share of profits from investments in company at 36 million baht.  Consequently, THAI and its subsidiaries reported a net profit of 2,423 million baht.  Earnings before interest, tax, depreciation and amortization (EBITDA) after cash paid for aircraft lease payment included Power by the Hour amounted to 14,000 million baht, comparing with 14,054 million baht of the same period last year.

In Q1/2024, THAI had a total of 73 active aircraft, an increase of 8 aircraft, all of which are Airbus A350-900, that THAI has acquired and utilized for flight services from the previous year.  The average aircraft utilization was 12.8 hours per day.  Passenger production (ASK) increased by 10.1% while passenger traffic (RPK) increased by 10.1% affecting an average cabin factor of 83.5%, approximate to the previous year and higher than the average rate of the industry, which was 80.8%.  The total number of passengers carried was 3.88 million, an increase of 10.2%.

In Q1/2024, THAI had the total passenger revenue at 38,517 million baht with revenue from general passenger of 38,387 million baht. Local government passenger revenue was 130 million baht or 0.3% of the total passenger revenue.  Passenger revenue segmented into 34.5% from European region; 32.8% from Northern region; 11.9% from Western and Middle-east region; 7.2% from Australia; 7.7% from Indochina and Southern region; and 5.9% from domestic region.

Total assets were 257,110 million baht, an increase of 18,119 million baht (7.6%) from 31 December 2023.  Total liabilities were 297,829 million baht, an increase of 15,696 million baht (5.6%) from 31 December 2023. The shareholders’ equity of THAI and its subsidiaries amounted to -40,719 million baht, a negative decrease from 31 December 2023, by 2,423 million baht.  THAI has cash, bill of exchange, time deposit and debenture with maturity more than three months and less than twelve months of 72,725 million baht, an increase of 5,595 million baht from 31 December 2023.

THAI has managed slot time of flight operations as allocated according to the international standard and process to support continuously increasing passenger demand.  It has been adjusted more effectively for better connectivity and reduced in non-operated routes.

THAI also enhances customer experiences by continually refurbishing cabin facilities and seats since Q1/2024 which is due to finish in Q2/2024.  In addition, on 1 May 2024, THAI introduced the new version of “Thai Airways” mobile application with various platforms that facilitate travel services. Passengers will be able to manage flights and access to Royal Orchid Plus (ROP) services more conveniently with this new version.
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