Thai Airways International Public Company Limited (THAI) announced its first nine months of 2021 consolidated financial statement through the Stock Exchange of Thailand as follows;
THAI reported net profit of THB 51,115 million while last year reported a net loss of THB 49,561 million. Profit per share was THB 23.42 compared to last year’s loss per share THB 22.70. EBITDA was THB -9,639 million decreased THB 5,044 million from last year with an EBITDA Margin equal -64.2% compared with the previous year was -10.4 %.
In the first nine-month period of 2021, compared to the same period last year when the first quarter was still operating normally due to the start of the COVID-19 pandemic, THAI had a decrease production traffic (ASK) by 70.7% while passenger traffic (RPK) decreased by 93.9%. The average Cabin Factor was 13.9% lower than 67.0% of last year. The numbers of passengers carried totaled 0.82 million, 83.8% down from the previous year. The cargo production (ADTK) was 65.2% lower than last year while freight traffic (RFTK) was 38.4% lower than the year while freight load factor was 99.7% higher than the previous year at an average of 56.2%.
The total revenue was THB 14,990 million, lower than last year’s by THB 29,230 million or 66.1%, mainly due to a decrease in passenger and cargo revenue by THB 29,185 million (76.5%) a decrease of THB 1,288 million (24.1%) from other services due to international travel restrictions both in Thailand and other countries. Moreover, other incomes increased THB 1,243 million due to revenue from offsetting the outstanding monthly service and maintenance fees under the contract and service fee for engine maintenance under a dispute settlement agreement. Total expenses totaled THB 36,481 million, THB 41,695 million (53.3%) lower than last year mainly due to the variable operating expenses and rigid cost reduction program but was insufficient to offset decreasing revenue. As a result, the operating loss excluding the one-time items was THB 21,491 million, a decrease of THB 12,465 million (36.7%) from last year. Meanwhile, net one-time revenue totaled THB 73,084 million, which was comprised of the following:
1) Profit from the sale of investment amounted to THB 2,202 million.
2) Profit from the sale of assets amounted to THB 628 million.
3) Profit from debt restructuring amounted to THB 60,730 million.
4) Compensation for the Mutual Separation Plan amounted to THB 4,936 million.
5) Compensation of employee termination amounted to THB 1,222 million.
6) Employee benefit adjustment amounted to THB 8,323 million from the reorganization structure and amendment in employee benefits.
7) Impairment Loss of aircraft, rights-of-use assets and rotable spare parts (reversal) amounted to THB 18,440 million.
8) Impairment loss under Thai Financial Reporting Standard No. 9 (reversal) amounted to THB 116 million.
9) Loss on foreign exchange amounted to THB 11,197 million, mainly from estimated book value valuation of foreign currency liabilities including total liabilities under operating leases of aircraft under TFRS 16.