Thai Airways Reports 11.6 Billion Baht Profit in First Half
Thai Airways posted first-half net profit of 11.645 billion baht, boosted by an 8.5 percent revenue increase to 48.6 billion baht despite soaring fuel costs tied to Middle East instability that surged 104.6 percent year-on-year.
Thai Airways announced second-quarter 2025 operating results with net profit of 1.537 billion baht and first-half net profit of 11.645 billion baht. Total revenue, excluding one-time items, reached 48.621 billion baht, an increase of 3.793 billion baht or 8.5 percent from the same period last year, driven by a 20.3 percent rise in average passenger revenue per unit (including fuel surcharges and insurance but excluding excess baggage) as the airline revised fuel surcharges to reflect jet fuel price trends and competitive conditions.
Total expenses excluding one-time items were 44.930 billion baht, up 29.7 percent year-on-year due to increased aircraft fuel costs resulting from Middle East instability, with average fuel prices climbing 104.6 percent compared to the same period last year. This generated operating profit before finance costs of 3.691 billion baht with an EBIT margin of 17.5 percent, reflecting effective management of operations and company liquidity.
Finance costs totaled 3.165 billion baht, and one-time items generated net income of 335 million baht, resulting in second-quarter net profit of 1.537 billion baht compared to 12.134 billion baht in the prior year, with EBITDA of 8.182 billion baht. As of 30 June 2025, total assets reached 322.085 billion baht, up 5.9 percent from year-end 2024, while total liabilities were 240.252 billion baht, up 5.3 percent. Shareholders' equity grew to 81.833 billion baht, up 7.8 percent, with cash and liquid financial assets totaling 123.757 billion baht.
Operationally, the airline operated 84 aircraft with an average utilization rate of 12.9 hours per aircraft per day as of 30 June 2025. The airline carried 3.66 million passengers with available seat kilometers (ASK) of 16.778 billion, down 4.4 percent year-on-year due to flight reductions stemming from Middle East instability that dampened passenger demand. Revenue passenger kilometers (RPK) fell 11.3 percent to 11.993 billion, resulting in an average cabin factor of 71.5 percent, down from 77.0 percent in the same period last year.
For the first six months of 2025, total revenue excluding one-time items was 99.650 billion baht, up 3.3 percent from 96.452 billion baht in the prior year. Total expenses excluding one-time items were 82.213 billion baht, up 14.4 percent year-on-year. Operating profit before finance costs was 17.437 billion baht, with finance costs of 6.152 billion baht. One-time items generated net income of 1.424 billion baht, primarily from gains on flight cancellations and changes.
