Thai AirAsia X (TAAX) expects to finish 2017 with a profit for the second year in a row, paving the way for its planned listing on the bourse.
The country's first medium- to long-haul low-cost carrier (LCC) expects to declare a net profit of 80 million baht this year, up from 40 million in 2016, which was its first profit since beginning operation in 2014.
TAAX aims to increase earnings next year and continue profitability so it can be eligible to list on the Stock Exchange of Thailand, said TAAX chief executive Nadda Buranasiri.
SET rules require companies wishing to list to declare a profit for five consecutive years.
TAAX expects a stronger balance sheet next year as it seeks to revive a growth plan that was bogged down by restrictions imposed by the International Civil Aviation Organization (ICAO) in June 2015.
The UN aviation safety watchdog in October removed the red flag placed on the Thai civil aviation authority for "significant safety concerns", allowing Thai-registered carriers to expand overseas.
TAAX, a joint venture between AirAsia X of Malaysia and Thai AirAsia, wants to increase its fleet of Airbus A330-300s to 10 next year from six and introduce new routes in northern Asia.
The expansion plan is projected to propel TAAX's revenue next year to 13 billion baht, up from 9 billion projected for this year and 7.9 billion in 2016, Mr Nadda said.
TAAX expects to carry 2.2 million passengers in 2018, up from 1.6 million projected for this year, with an average load factor of 86%, compared with 89% in 2017.
In related news, audited figures showed that NokScoot, the other medium- and long-haul LCC registered in Thailand, sharply reduced its net loss in the first nine months this year to 73.8 million baht, down from 356.6 million in the year-ago period.
Nine-month revenue of the joint venture between Thai budget airline Nok Air and Singapore's Scoot rose 35.9% to 3.98 billion baht.
Yodchai Sudhidhanakul, who became chief executive of NokScoot on Nov 1, said the airline would end 2017 with a smaller loss of 50-100 million baht.
