FSS International Investment Advisory Securities (FSSIA) reported that Bangkok Airways Public Company Limited (SET: BA) has announced a net profit of THB 468 million for the fourth quarter of 2025, representing a 55% decline quarter-on-quarter and a 12% decrease year-on-year.
Excluding a THB 86 million foreign exchange loss recognized in the quarter, normalized profit reached THB 554 million, still down 48% QoQ but up 22% YoY. This figure notably beat analyst consensus expectations by 22%, with the average estimate standing at THB 455 million.
Total revenue for the quarter came in at THB 5.68 billion, a 3% drop QoQ but a slight 1% increase YoY. The dip in revenue was primarily driven by a decline in passenger traffic following the conclusion of the high season in Samui, a major market for the airline. Passenger revenue fell 8% QoQ and 3% YoY as the overall passenger volume decreased.
Total expenses rose to THB 5.25 billion, up 6% QoQ but down 1% YoY. The company was able to mitigate some cost pressures thanks to lower fuel expenses (down 5% YoY) and reduced non-fuel operating costs (down 1% YoY), supported by declining global oil prices and strong operational cost control.
Capacity, as measured by available seat kilometers (ASK), declined 2% QoQ and 5% YoY following the retirement of three aircraft from the fleet. Passenger volume also dropped 5% QoQ and 3% YoY, predominantly driven by lower international flight traffic.
The load factor, however, remained steady at 76% QoQ and rose slightly by 1 percentage point YoY. Notably, BA reported a share of profit from its investment in BAREIT of THB 66 million for the quarter, marking a 15% YoY increase.
Looking at the full-year 2025 financials, the company recorded a net profit of THB 3.54 billion, down 6% YoY, and a normalized profit of THB 3.88 billion, a slight 1% YoY decrease.
FSSIA expects BA’s performance to improve in the first quarter of 2026, as the tourism high season should drive QoQ growth and deliver modest YoY growth. The airline is currently in the process of expanding its fleet, with two Airbus A320s being procured and two ATR72s expected to be delivered, supporting operational growth for 2026.
BA has also announced a 2025 dividend of THB 0.70 per share, yielding approximately 3.8%. The stock will receive an ex-dividend (XD) mark on March 11, with the dividend payment scheduled for April 22, 2026.
