Bangkok Airways Posts Net Income of THB670 Million in 2Q23

Bangkok Airways Public Company Limited (SET: BA) announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q23 2Q22
Net Profit (Loss)
Million Baht
669,71 (847,51)
Earning Per Share
0.32 (0.40)
% Change 179
6 Months 2023 2022
Net Profit (Loss)
Million Baht
1,544,81 (1,867,49)
Earning Per Share (Baht) 0.74 (0.89)
% Change 182.7

In 2Q23, BA reported a net profit of THB669.7 million, compared to a net loss of THB847.5 million in the same period last year. The total revenue for the second quarter was THB4,964.5 million, an increase of THB2,444.2 million or 97.0% from the total revenue of THB2,520.3 million in 2Q22. 

The increment was from the growth of passenger revenue from airline business and airport-related business. 

The revenue mainly derived from passenger revenue from the airline business, airport-related business, and airport businesses, accounting for 65.8%, 19.6%, and 2.1% of total revenue, respectively. The significant increase was from passenger revenue, which grew by 108.7% or THB1,701.5 million from a higher number of passengers and average fare. 

For the second quarter of 2023, BA carried 0.9 million passengers, an increase of 70.6% compared with the year 2022 or 70.6% of pre-COVID-19 passengers. The passenger load factor was reported at 75.2%, and the average fare of THB3,531 per sector improved by 24.9% compared to 2022.

The total expenses were THB4,175.6 million, increasing by 31.3%, mainly from fuel expenses, aircraft maintenance expenses, and passenger services. 

BA had earnings before interest and tax, depreciation, and amortization (EBITDA) of THB1,089.8 million, improved by 1,286.8% from the same period of 2022. 

Operating profit for the six-month period of 2023 was at THB1,544,8 million, an increase of THB6,523.7 or 156.0% year-on-year.