AAV Net Loss Declines to THB1,013m in 2Q23 as Revenues Grow by 275%

Asia Aviation Public Company Limited (SET: AAV) has announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q23 2Q22
Net Profit (Loss)
Million Baht
(1,012.53) (4,723.56)
Earning Per Share
(0.0832) (0.4067)
% Change 79
6 Months 2023 2022
Net Profit (Loss)
Million Baht
(653.12) (7,094,16)
Earning Per Share (Baht) (0.0537) (0.6205)
% Change 91

In 2Q23, AAV reported a net loss of THB1,012.5 million, significantly improved from a net loss of THB4,723.6 million in the same period last year, as the company achieved a total revenue of THB10,398.8 million, increasing by 275% YoY and 6% QoQ. 

EBITDA for the second quarter reached a record of THB1,817.2 million since the COVID-19 pandemic and remained positive for the third consecutive quarter. This benefited from a decline in the average jet fuel price to USD95 per barrel, but was offset by higher user and airport charges and maintenance expenses. However, due to the weakening of the Thai Baht towards the end of the quarter, an FX loss, mostly unrealised, of Baht (1,390.6) million was incurred.

Finance costs were Baht 549.1 million, flattish compared to last year.

During this quarter, AAV transported 4.6 million passengers, a remarkable increase of 176% YoY and 1% QoQ, defying typical low seasonality experienced in regular second quarters. The split between domestic and international passengers was 61% versus 39 percent, while the overall load factor stood firmly at 89%. 

AAV also reported that Thai AirAsia’s capacity and number of passengers in 2Q23 has recovered by 77% and 83% of pre-pandemic levels. Ancillary income per passenger also rose to Baht 409, following the growth in international passengers.