AAV: Reported Loss Increased by 14% YoY in 3Q21 Amid COVID-19 Movement Restrictions
Third quarter earnings of Asia Aviation increased 14% YoY due to impact of low air travel demand
Asia Aviation Pcl. (AAV) on Friday reported earnings of third quarter 2021, a loss of THB 2.10 billion translating to loss increase of 24.0% compared to the second-quarter of the year and an increase of 14.2% year-over-year. Earnings for the period ended nine-month 2021 reported a loss THB 5.66 billion.
Total revenue for the 3Q21 stood at THB 0.46 billion which translates to a decrease of 81% year-over-year. However prudent cost control led to a decrease of total expense by 24% year-over-year.
The main decrease in revenue is attributed to strict countrywide movement measure impacting demand of air travel. Passengers carried in 3Q21 decline by 96% amid third wave of COVID-19 staring mid-April 2021 leading to government imposing movement restrictions. In 3Q21 load factor decreased by 5 percentage points to 60% and average fare increased by 84% YoY to THB 1,836 supported by unlimited pass campaign.
Other ancillary revenue amounted to THB 24.7 million a decline by 91% YoY due to fleet hibernation, social distancing and loss of sale from food and beverage services.