Thai Airways International Public Company (THAI) reported a total revenue of32,860 million baht, higher than the same period last year by 582% in the third quarter of 2022. The passenger and cargo revenue were reported to be 30,890 million baht mainly due to an increase in flight frequencies in the first six months of the year and flight resumption in the routes operated before COVID-19 in Penang, Tokyo (Haneda), and Brussels.
THAI and its subsidiaries reported total operating expenses at 28,940 million baht, which is 186% higher than last year.
In Q3 2022, THAI and its subsidiaries had financial costs of 3,672 million baht which was higher than last year by 2,160 million baht due to the adjustment of interest expenses. Despite profit from debt restructuring and one-time sales of assets, THAI reported a loss on foreign currency exchange from the Baht depreciation and impairment loss on assets. Therefore, THAI reported net one-time expenses totaling 5,212 million baht and an operating net loss of 4,780 million baht.
As of 30 September 2022, the total assets of THAI and its subsidiaries were 183,289 million baht, an increase of 22,070 million baht from 31 December 2021. The total liabilities were 265,788 million baht, an increase of 33,318 million baht from 31 December 2021.
In Q3, THAI and THAI Smile international passengers increased to 21,557 per day, which is 30% of total inbound and outbound Suvarnabhumi airport international passengers. With a 28% segment contribution in cargo, THAI operations revenue is estimated at one billion baht.
In response to the growing travel demand, THAI plans to increase flight frequencies and destinations including Stockholm, Taipei, Tokyo (Haneda), Fukuoka, Sapporo, New Delhi, Mumbai, Hyderabad, Kolkata, Jeddah, Singapore, Melbourne, Guangzhou, and Kunming. In accordance with the Rehabilitation Plan, THAI will expand its fleet by utilizing its existing aircraft and leasing new aircraft to better optimize route and flight planning.