AAV Posts a Further Loss of ฿1.8Bn in 3Q as Covid-19 Continues Keeping Tourists Away

Asia Aviation Public Company Limited (AAV) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

AAV posted Q3/2020 net loss of Baht 1,836.8 million, being a further loss of Baht 416.6 million from that in the past year, including a net loss in the statement of comprehensive income of Baht 1,387.1 million, while total revenues was Baht 2,403.2 million. This was mainly due to the number of passengers carried in Q3/2020 slumped by 65%, standing at 1.86 million, driven by a 100% decrease in international visitors compared to the same period last year. Thus, the load factor in 3Q/2020 stood at 65% or down by 16% points compared to the same period last year.

 

In addition,  In Q3/2020, AAV recorded a loss on exchange in an amount of Baht 734.5 million, increased from the same in Q3/2019 which stood at Baht 80.1 million, mainly from unrealised loss on the exchange rate difference of lease liabilities, where Thai Baht weaken against the US Dollar. It also recorded a loss of Baht 108.4 million as a result of hedging ineffectiveness. Hence, loss from operating activities in Q3/2020 amounted to Baht 3,118.8 million. 

 

Moreover, finance costs increased mainly from interest expenses of lease liabilities under TFRS 16. Whereas, the income tax revenue amounted to Baht 183.4 million, mainly from an increase in deferred tax assets regarding the adoption of new financial reporting standards.