AAV Posts a Deeper Loss of ฿1.8Bn in 1Q as the Effect of Covid-19’s New Wave

Asia Aviation Public Company Limited (AAV) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

For the first quarter of 2021, AVV’s net loss increased to Baht 1,864.6 million, compared to the net loss in an amount of Baht 671.4 million for the previous year. In 1Q21, the overall Thai economy shrunk from the same period last year, mainly from the effect of the new wave of infections that began at the end of last year. As a result, AAV posted 977,932  passengers in 1Q21, or declined by 78% Year-on-Year, in line with a decline in Available Seat Kilometres and seat capacity. However, the domestic travel demand rebounded in March 2021 due to  the first vaccination, the extension of domestic tourism stimulus schemes ,and lower new infections in the latter part of the quarter. 

 

Given the aforesaid impact, AAV’s posted total revenues in 1Q21 of Baht 1,350.8 million, which decreased by 86% compared to Baht 9,399.0 million in 1Q20. Meanwhile, total expenses were a total of Baht 4,557.2 million, declined by 58% from 1Q20.