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THAI Announces First Quarter Operating Results 2015

May 14, 2015 Financial No Comments Email Email

Thai Airways International Public Company Limited (THAI) announced its first quarter operating results for 2015. The Company commenced its transformation plan, enhancing efficiency in revenue generation, recovery of the tourism sector in Thailand, and economic growth of several countries resulting in a total revenue of 51,649 million baht and a net profit of 4,549 million baht.

Mr. Charamporn Jotikasthira, THAI President, said that during the first quarter of 2015, THAI launched its transformation plan with the first stage designed to “stop bleeding” by discontinuing the Bangkok-Johannesburg route in mid-January 2015 as well as Bangkok-Moscow and Bangkok-Seoul in the Summer Traffic Program 2015 which took effect on 29 March 2015.  Adjustment in aircraft type was made to suit market demand and implemented a fleet rationalization strategy by decommissioning 11 aircraft.  THAI sold two decommissioned aircraft and took delivery of two new aircraft, resulting in a net fleet of 93 aircraft as of 31 March 2015.  The average age of aircraft in THAI’s fleet reduced from 8.3 years, as of 31 December 2014, to 7.6 years.

With improvement of the tourism sector in Thailand, economic growth in several countries, and enhanced revenue generation, THAI carried 5.62 million passengers in the first quarter of 2015, an increase of 17.0% compared to the same period last year.  Passenger traffic increased 12.3%, while passenger production increased by 4.5%. Cabin factor was 75.4%, compared to last year’s average of 70.1%.  Total revenue earned was 51,649 million baht, which increased 1,668 million baht or 3.3% on the back of increased operating revenue of 1,683 million baht or 3.4% from passenger and excess baggage revenue while total expenses decreased 6,020 million baht or 11.6% due to reduced oil prices. This resulted in the Company and its subsidiaries to have a profit before foreign currency exchange and income tax (exclude impairment loss of assets and aircraft) of 4,415 million baht when compared to last year’s loss of 3,287 million baht. There was a gain on foreign currency exchange that amounted to 9,654 million baht, an increase of 8,664 million baht, and the impairment loss of aircraft of 11,804 million baht, an increase of 11,720 million baht, which resulted in a net profit of 4,549 million baht, while last year’s result reported a net loss of 2,619 million baht.  Profit attributable to owners of the parent amounted to 4,541 million baht.  Profit per share was 2.08 baht compared to last year’s loss per share of 1.21 baht.

As of 31 March 2015, THAI and its subsidiaries have total assets of 292,165 million baht, a decrease of 15,102 million baht or 4.9% from 31 December 2014. Total liabilities totaled 246,320 million baht, which decreased 19,651 million baht or 7.4% from 31 December 2014. Shareholders’ equity totaled 45,845 million baht, an increase of 4,549 million baht from 31 December 2014.  Subscription interest in the debenture issuance was high with a 2.5 times over subscription, which reflects confidence in the Company’s credit.

Furthermore, on 30 April 2015, the Company offered debentures to institutional investors and high net worth investors that totaled 7 billion baht from its debentures 1/2015 totaling 5 billion baht, with supplemental debentures of no more than 2 billion baht.  The Company’s debentures have been given an issuer rating of A+ by TRIS Rating Company Limited.

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