Bangkok: Thai Airways International announced its operating results for the first quarter of 2025, with a net profit of 9.839 billion baht. The court has scheduled a hearing for the petition to leave the rehabilitation plan on June 4, 2025, and the airline will return to trading on the Stock Exchange of Thailand.
According to Thai News Agency, Thai Airways International Public Company Limited and its subsidiaries revealed total revenue for the first quarter of 2025, excluding one-time items, reached 51.625 billion baht, marking a significant increase from the 45.955 billion baht reported during the same period last year. This 12.3% revenue surge was attributed to the growing passenger demand for travel, the expansion of the airline’s fleet, and increased flight frequencies. The airline reported a cabin factor of 83.3%, maintaining a level similar to the previous year, with a 21.1% increase in production volume (Available Seat Kilometers) and a 20.8% increase in passenger volume (Revenue Seat Kilometers).
The increased revenue was accompanied by a rise in total expenses, which reached 37.964 billion baht, an 8.8% increase from the previous year. This was largely due to variable expenses aligned with the increased production volume and service provision. Despite a 1.7% decrease in fuel costs, the company maintained a satisfactory operating profitability with an operating profit before finance costs of 13.661 billion baht, reflecting an EBIT Margin of 26.5%.
Financial costs recognized under TFRS 9 amounted to 3.481 billion baht, and net one-time expense items totaled 339 million baht, primarily due to impairment losses of assets and derivative instruments. However, gains from foreign exchange rates contributed to a net profit of 9.839 billion baht and an EBITDA of 12.728 billion baht after accounting for debt payments and aircraft rental fees.
Thai Airways operated 78 aircraft in the first quarter, an increase of five from the previous year, with an average utilization rate of 13.7 hours per day. The airline plans to enhance its fleet by acquiring new Airbus A321 Neo aircraft, featuring personal entertainment systems and free Wi-Fi for Royal Orchid Plus members, to improve passenger experience by 2025.
In the first quarter of 2025, the airline began installing high-speed In-flight Connectivity (IFC) on its Airbus A330-300 aircraft. This service allows passengers to chat and send messages free of charge, with full internet service available for Royal Orchid Plus members starting May 1, 2025.
As of March 31, 2025, Thai Airways’ total assets increased to 297.753 billion baht, while total liabilities decreased to 242.314 billion baht. Shareholders’ equity rose to 55.439 billion baht, improving the debt to equity ratios significantly compared to pre-rehabilitation figures in 2019.
The Business Rehabilitation Plan Executive Committee approved a reduction in the par value of the company’s shares from THB 10 to THB 1.30 per share to offset accrued losses. By March 31, 2025, the company had accumulated profits of THB 9.555 billion, enabling potential future dividend payments.
On May 8, 2025, the company approved the liquidation of Thai Smile Airways Co., Ltd., and integrated its Airbus A320 aircraft into Thai Airways’ fleet. This restructuring led to profitability in routes previously operated by Thai Smile Airways, driven by increased production volume, passenger numbers, and reduced costs per unit.
Progress toward exiting the rehabilitation plan included the appointment of a new board of directors and a petition filed with the Central Bankruptcy Court. A court hearing on the petition is scheduled for June 4, 2025, and the company will continue to provide updates on the proceedings.