Asia Aviation Public Company Limited (SET: AAV), the sole shareholder of Thai AirAsia (TAA), reported a sharp turnaround to a net loss of THB 874.7 million for the third quarter of 2025 (3Q25), a steep decline from the net profit of THB 3,446.4 million recorded in 3Q24.
| Quarter | 3Q25 | 3Q24 |
| Net Profit (Loss) Million Baht |
-874.75 | 3,446.38 |
| Earning Per Share (Baht) |
-0.0681 | 0.2682 |
| 9 Months | 9M25 | 9M24 |
| Net Profit (Loss) Million Baht |
726.71 | 3,121.36 |
| Earning Per Share (Baht) | 0.06 | 0.24 |
| % Change | -76.72 | |
The reversal was driven primarily by a plunge in revenue and a sharp contraction in foreign exchange (FX) gains. Total revenue dropped 35% year-on-year (YoY) to THB 9,929.7 million, while other income tumbled 85%, as FX gains collapsed to THB 454.3 million, compared to THB 4,236.2 million a year earlier. Excluding FX effects, core loss widened to THB 1,238.2 million, reversing a core profit of THB 57.4 million in 3Q24.
Revenue from sales and services fell 15% YoY to THB 9,276.4 million, reflecting a 3% decline in passengers carried and a 12% drop in average fare to THB 1,633. Consequently, Revenue per Available Seat-Kilometer (RASK) declined 17% YoY to THB 1.52.
The aviation downturn mirrored weakness in Thailand’s broader tourism industry, which saw 13% fewer international visitors YoY in 3Q25, mainly due to sluggish arrivals from Chinese-speaking markets. Thai AirAsia’s total passenger volume dropped 3% YoY, dragging its load factor down from 90% in 3Q24 to 80% in 3Q25.
Total expenses were broadly stable YoY at THB 10,415.4 million. Lower fuel costs—down 12% due to weaker jet kerosene prices (averaging US$85.4 per barrel, vs. US$95.7 last year) and a stronger Thai baht—helped offset some pressure.
However, rising overheads limited the benefit. Selling and Administrative (SG&A) expenses rose 14% YoY to THB 982.5 million, largely due to higher commission payments to online travel agents (OTAs) ahead of the high season. As a result, Cost per Available Seat-Kilometer (CASK) edged down only 2% to THB 1.78, lagging behind the steeper decline in RASK.
Management expects a strong rebound in 4Q25, supported by the upcoming high tourism season and signs of improving international traffic. The airline reported an 82% load factor on international routes in October, indicating an early recovery in travel demand.
