Thai Airways International reported a first-quarter net profit of THB4.54 billion ($139 million), reversing a loss of THB2.63 billion reported in the year-ago period.
Total revenue for the quarter was up 20.3% to THB61.3 billion, of which 79% was attributable to transportation activities (Thai Airways and its low-cost subsidiary Thai Smile). Revenue from transportation activities was up 2.9% to THB48.4 billion year-over-year.
Total expenses were up 10.7% to THB59 billion, but actually declined 11.6% if impairment and financial costs are excluded to THB45.8 billion.
In its analysis, Thai Airways said: "During the first quarter of 2015, Thai launched its transformation plan with the first stage designed to stop the bleeding by discontinuing these routes: Bangkok-Johannesburg since mid-January, Bangkok-Moscow, and Phuket-Seoul in summer 2015. Adjustment in aircraft type was made to suit market demand and a fleet renewal program was implemented with the decommissioning of 11 aircraft. Thai sold two retired aircraft while taking delivery of two new aircraft, resulting in a total of 93 aircraft in the fleet as of March 31, 2015. The average age of fleet was down from 8.3 years to 7.6 years."
Recovery of the Thai tourism sector, combined with economic growth in several countries, saw passenger numbers increase 17%, reaching 5.62 million in the first quarter year-over-year. ASKs increased 4.5% to 21.9 billion and RPKs were up 12.3% to 16.5 billion. Load factor was up 5.3 percentage points to 75.4%, but passenger yield declined 5.6%…
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