SET-listed Bangkok Airways Plc (BA) posted a net profit of 39.6 million baht in the third quarter despite a decline in load factor because of absent Chinese tourists.
According to president Puttipong Prasarttong-Osoth, the airline took in third-quarter revenue of 7.06 billion baht, up 2.8% from the same period last year.
The 39.6-million-baht net profit was up from a loss of 142.2 million in the same quarter last year. The massive loss in the previous third quarter was due to expense from a jet fuel tax implemented for the first time.
Average load factor for the third quarter was 66.1%, down from 69.4% in the same quarter last year.
A key factor in the decline was slowing tourism from China, which accounts for about 27% of Thailand's international passengers.
For the nine-month period, Bangkok Airways reported total revenue of 21.06 billion baht, up 4%, mainly due to growth in unallocated revenue and airport-related businesses operated by subsidiaries.
Additionally during the Q3 period, the company implemented cost reduction plans that included flight management strategies.
Passenger yield in Q3 was 4.55 baht per revenue passenger kilometre, up 7.2% from the same period of 2017.
After deducting tax, net profit for the nine-month period was 676.9 million baht, compared with a net loss of 97.8 million baht a year earlier.
In the third quarter of 2018, one Airbus A319 was delivered in July, bringing total aircraft in the fleet to 39.
In addition, Bangkok Airways increased the frequency of Bangkok-Mandalay flights from seven a week to 11 in the third quarter of 2018.
Meanwhile, Nok Airlines Plc's consolidated financial results in the third quarter showed a net loss of 1.1 billion baht, widening from a 683.5-million-baht loss in the same quarter of 2017.
The company attributed the loss to soaring jet fuel prices.
The airline's revenue in Q3 was 2.86 billion baht, down 12.3% from the same period of last year, due to market price competition and the low-season period, including a decrease in Chinese tourists after the boat disaster off Phuket in July.
For the nine-month period, Nok Air's revenue was 10.53 billion baht, down 1.9% year-on-year, while the net loss ballooned to 1.96 billion baht from 1.62 billion in the year-earlier period.
Nok reported an average cabin factor of 86.8% in the third quarter, up from 84.2% in last year's Q3, and an average cabin factor of 89.9% for the first nine months of 2018, up from 84.6% in the comparable period of last year.
BA shares closed yesterday on the Stock Exchange of Thailand at 12 baht, unchanged, in trade worth 16.9 million baht.
NOK shares closed at 2.60 baht, down four satang, in trade worth 1.4 million baht.
