Thai Airways Takes Flight with Q1 2025 Net Profit Exceeding 10 Billion Baht

Thai Airways Public Company Limited announced its first-quarter 2025 operating results with total revenue of 51,029 million baht, down 596 million baht or 1.2 percent from the same period last year due to lower production and transportation volumes. However, average revenue per passenger remained close to prior-year levels despite baht appreciation impacts, demonstrating strong pricing management. Total operating expenses reached 37,282 million baht, a 1.8 percent decrease from lower jet fuel costs proportional to reduced production volumes, along with baht strength benefits.

Operating profit before financing costs stood at 13,747 million baht, up 0.6 percent from last year, with an EBIT margin of 26.9 percent. Finance costs decreased to 2,987 million baht, down 494 million baht year-over-year. One-time items generated net gains of 1,088 million baht, primarily from aircraft lease cancellations and derivative valuations, resulting in net profit of 10,107 million baht against 9,839 million baht previously, with EBITDA of 17,548 million baht.

As of March 31, 2025, the airline operated 80 aircraft with average utilization of 13.8 hours per aircraft daily, carrying 4.18 million passengers total. Available seat kilometers (ASK) totaled 17,389 million, down 1.9 percent year-over-year, while revenue passenger kilometers (RPK) reached 14,453 million, down 2.2 percent, resulting in a load factor of 83.1 percent versus 83.3 percent previously. Total assets increased to 324,542 million baht, up 6.7 percent from year-end 2024, while shareholders' equity rose 16.7 percent to 88,622 million baht, with cash and liquid financial assets totaling 132,320 million baht.