Asia Aviation Public Company Limited (SET: AAV) has announced 2Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 2Q25 | 2Q24 |
| Net Profit (Loss)
Million Baht |
214.23 | 84.07 |
| Earning Per Share
(Baht) |
0.0167 | 0.0065 |
| % Change | 154.83 | |
| 6 Months | 2025 | 2024 |
| Net Profit (Loss)
Million Baht |
1,601.45 | -325.02 |
| Earning Per Share (Baht) | 0.1246 | -0.0253 |
| % Change | 592.72 | |
In the second quarter of 2025, AAV reported a net profit of 214.2 million baht, showing an increase of 155% compared to the same period last year, supported by lower fuel costs and foreign exchange gains, while posting a core loss of 845.3 million baht, compared to a core profit of 264.5 million baht in 2Q24.
Revenue from sales and services stood at 9,820.3 million baht, which was a 14% decrease year-on-year. This was attributed to a 3% year-on-year drop in guests carried and a 13% decrease in average fare to 1,676 baht. Cost of sales and services decreased by 2% year-on-year to 9,737.0 million baht, mainly due to lower fuel costs, and reduced airport-related costs following a decrease in international capacity.
AAV recorded EBITDA of 634.5 million baht, with an EBITDA margin of 6.5%. Foreign exchange gain in this quarter was 1,324.4 million baht, compared to a foreign exchange loss of 225.6 million baht in 2Q24.
In 2Q25 and 1H25, Thailand welcomed 7.1 million and 16.7 million inbound tourists, respectively, representing a 12% and 5% year-on-year decrease. The decline was largely attributable to the softened economic environment due to uncertain trade policy and a sharp drop of 30% compared to 1H24 in tourists from China-speaking countries (China, Hong Kong, Macau, and Taiwan), driven by safety concerns.
However, excluding tourists from those markets, Thailand’s international arrivals in 1H25 would grow 4% year-on-year, driven by strong inbound performance of tourists from Europe (+17% year-on-year), South Asia (+14% year-on-year), and the Americas (+10% year-on-year). Vietnamese inbound tourism also dropped 25% in 1H25, but this had a limited impact on Thai AirAsia’s flights to Vietnam, as demand was supplemented by Thai and, more recently, Indian passengers, together accounting for 40% of total passengers on the route. Meanwhile, domestic tourism remained stable, recording 86.7 million visits in 2Q25 and 136.9 million in 1H25, consistent with the previous year.
