A Significant Drop in Expenses Flips THAI to Record THB11 Billion of Profit in 6M21

Thai Airways International Public Company Limited (THAI) has reported its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

THAI reported a net profit of 11,125 million baht for the first six months of 2021, compared to a net loss of 28,016 million baht in 6M20.

The total revenue of THAI and its subsidiaries was 10,220 million baht, lower than last year’s 30,273 million baht or 74.8%, mainly due to a decrease in both passenger and cargo revenue by 30,486 million baht (84.2%), a decrease of 1,417 million baht (35.5%) from other services due to international travel restrictions both in Thailand and other countries. Moreover, other incomes increased 1,630 million baht.

Total expenses totaled 24,555 million baht, 34,246 million baht (58.2%) lower than the previous year, mainly due to the variable operating expenses. However, fixed expenses were still high which was insufficient to offset decreasing revenue. As a result, the operating loss was 14,335 million baht, a decrease of 3,973 million baht (21.7%) from the previous year.