THAI Airways total yearly operating revenue up 53.3% in 2023

THAI airways has reported a total yearly operating revenue (for THAI and its subsidiaries) for the full year 2023 of THB 161,067 million ($4,472 million), a 53.3% increase from the previous year, as the Thai flag carrier looks to complete its capital restructuring. The main reason for this growth is attributed to the airline’s increase of passenger revenue to THB 58,701 million ($1,612 million), a 79.3% increase from 2022, as the carrier resumed services to the People’s Republic of China and increased frequencies across several other popular routes. A total of 13.76 million passengers were carried in 2023, up 52.7%, while available seat kilometres and revenue passenger kilometres both rose by 40.9% and 64.5% respectively. Total operating profit (excluding one-time items) stood at THB 24,600 million ($683 million), a dramatic rise from 2022’s loss of THB 4,590 million ($127.5 million), despite 2023’s total operating expenses rising 24.3% to THB 120,856 million ($3,356 million), THAI and its subsidiaries reported one-time gains of THB 2,210 million (£61 million), primarily following its debt restructuring and asset sales (including six 747-400s, one 737-400, two A340-600s and five unused engines). Aircraft operated was paired back from 86 in 2022 to 77 in 2023. THAI notes it is now “evaluating the restructuring of the group business, currently under in-depth study to evaluate directions, feasibility, and potential for business development”. It expects to be able to complete its capital restructuring by 2024 and restore positive equity in the same year, following which THAI’s securities will be able to resume trading on the stock market in 2025.