In the first quarter of 2024, Thai Airways International Public Company Limited (THAI) and its subsidiaries experienced a 10.7% increase in total revenue compared to the same period in 2023. The company’s revenue reached 45,955 million baht, primarily driven by a rise in passenger revenue attributed to the resumption and increased frequency of flights on popular routes to Europe, Australia, and Japan. However, THAI also reported a 22.5% increase in total expenses, which amounted to 34,880 million baht. This increase was largely due to higher production costs, increased traffic and the number of flights and routes, and a rise in passenger numbers and raw material prices. The combination of increased expenses and lower operating profit resulted in a 15.0% decrease in net profit before financial costs and excluding one-time items to 11,075 million baht. Despite these challenges, THAI’s EBITDA after aircraft lease payments remained relatively stable at 14,000 million baht. In efforts to optimize operations, THAI has implemented measures to improve flight slot management and enhance route connectivity while reducing non-operated routes. Additionally, the company has focused on enhancing customer experiences through cabin upgrades and seat improvements, which are expected to be completed by the second quarter of 2024. Furthermore, THAI launched a new version of its mobile app on May 1, 2024, offering improved travel service management and access to Royal Orchid Plus (ROP) services.
Thai Airways Reports Revenue Growth in Q1 2024 Despite Increased Expenses
