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Thai Airways International Public Company Limited released its second quarter operational performance report for this year.
The report shows how the airline has gained ground in terms of strength and capability as it prepares for its capital restructuring by the end of 2024.
During the second quarter, the airline resumed flights to Milan and Oslo to serve intercontinental passengers between Europe and the Asia-Pacific.
At the same time, Thai Airways codesharing agreement with Kuwait Airways has been a great help for passengers in the Middle East, North Africa, and Europe.
Quarterly performance
Thai Airways and its subsidiaries reported their total revenue in Q2-2024, excluding one-time transactions, at 43,981 million baht, 17.7 percent higher than the same period last year which was 37,381 million baht.
This was, however, 4.3 percent than its total revenue in the first quarter of 2024 which may be attributed to lower travel demand throughout the second quarter.
The airline served 3.81 million passengers in the second quarter with an average cabin factor of around 73.2 percent.
Mid-year performance in review
As for mid-year revenues, Thai Airways and its subsidiaries reported total revenue amounting to 89,936 million baht, 14 percent higher than the same period last year.
Total expenses, excluding one-time transactions, were pegged at 72,935 million baht, 27.3 percent higher than at the same period in 2023.
Operating profits before financial costs and excluding one-time transactions were at 17,001 million baht, showing a 21.3 percent decrease from 2023 figures.
As of 30th June, Thai Airways’ total assets amounted to 270,526 million baht, an increase of 31,535 million baht from 31 December 2023. Total liabilities, on the other hand, were 310,956 million baht, up by 28,823 million baht from 31 December 2023.
Thai Airways also paid 4,644 million baht of the total debt in 2024 which is 13,022 million baht.
Airline traffic report as of June 2024
As of 30 June 2024, Thai Airways’ fleet consists of 77 operational aircraft.
In the first six months of 2024, the airline’s average aircraft utilization was 13.0 hours per day. Traffic production (ASK) increased by 15.6 percent while passenger traffic (RPK) increased by 10.9 percent.
The average cabin factor was 78.1 percent, lower than the previous year’s 81.4%. The total number of passengers carried was 7.68 million, marking an increase of 11.8 percent, or approximately 0.81 million.
What will capital restructuring entail?
Based on its plans, Thai Airways’ capital restructuring consists of debt-to-equity mandatory conversion; the debt-to-equity conversion right; and offering of newly issued shares to its pre-capital restructuring shareholders, employees, and selected investors by way of sequential private placement.
At the same time, the airline is set to file a petition to the Central Bankruptcy Court for the cancellation of the business rehabilitation and its shares are expected to resume trading on the Stock Exchange of Thailand within the second quarter of 2025.
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