Thai Airways has returned to profit in Q1 of 2022 with a net income of 12.51 billion baht in the Q1 of 2023, a significant rise over net loss of 3.25 bn baht incurred during the same time last year. Thai Airways saw its operating revenue in Q1 increase by three times to 41.5 billion baht, up from 11.2 billion baht recorded in 2022.
Thai Airways is set to exit court-supervised debt restructuring towards the end of 2024. The airline filed for bankruptcy protection in 2020 before the majority of its creditors agreed to extend terms under a US$5.3 billion rehabilitation plan.
In Q1 of 2023, the number of foreign tourists traveling to Thailand totalled 6.5 million, an increase of 1,202% compared to the same time last year.
The airline also leased two additional Airbus A350-900 aircraft during Q1 of 2023 as its continued to rebuild its fleet. The leased aircraft are operating on Bangkok to Melbourne, Kunming, Beijing, Chengdu, Shanghai and Guangzhou routes. Thai Airways had 65 active aircraft in its fleet at the end of the first quarter.
Bangkok Airways’ net income amounted to 875 million baht, in contrast to their 1.02-billion-baht net loss for the corresponding period of the previous year. Bangkok Airways’ total revenue increased by an impressive 238% to 5.74 billion baht.
As tourists continue to flock Thailand with strong air travel recovery, the Finance Ministry of Thailand anticipates international arrivals to cross 30 million-mark in 2023, up from 11.2 million inbound travellers recorded in 2022.
With the opening of international borders Thai Government is confident of a strong recovery in 2023. According to the Tourism Authority of Thailand, monthly arrivals from China are on track to reach one million from October 2022