Thai Airways International has reported recording a net profit of 1.54 billion baht in the second quarter of this year compared with 12.13 billion baht during the same period last year.
According to a statement from the flag carrier, total revenue (excluding one-time items) was 48.62 billion baht, an increase of 8.5% year-on-year. The rise resulted mainly from a 20.3% year-on-year increase in average passenger yield (including fuel and insurance surcharge but excluding excess baggage revenue).
THAI recorded total expenses (excluding one-time items) of 44.93 billion baht, an increase of 29.7% from the same period the prior year, mainly due to higher jet fuel prices arising from unrest in the Middle East. Average fuel prices increased by 104.6% year-on-year.
Consequently, THAI recorded operating profit before finance costs (excluding one-time items) of 3.69 billion baht, with an operating profit margin before finance costs (excluding one-time items) (EBIT Margin) of 17.5%.
THAI recorded finance costs of 3.16 billion baht, together with net one-time items as revenue of 335 million baht. As a result, for the second quarter of 2026, THAI reported a net profit of 1.54 billion baht, compared with a net profit of 12.13 billion baht in the same period of last year, and EBITDA of 8.18 billion baht.
As of 30 June 2026, THAI had total assets of 322.08 billion baht, an increase of 18.03 billion baht, or 5.9%, from Dec 31, 2025. Total liabilities amounted to 240.25 billion baht, increasing by 12.10 billion baht, or 5.3%, from Dec 31, 2025. The shareholders’ equity amounted to 81.83 billion baht, an increase of 5.92 billion baht, or 7.8%, from Dec 31, 2025.
As of June 30, 2026, cash and cash equivalents at THAI, together with other current financial assets, totalled 123.76 billion baht.
In terms of operations, as of June 30, 2026, THAI operated a fleet of 84 aircraft, with an average aircraft utilisation of 12.9 hours per aircraft per day. According to the statement, THAI carried a total of 3.66 million passengers.
Available Seat Kilometers (ASK) amounted to 16,778 million, decreasing 4.4% from the same period of last year due to flight reductions resulting from unrest in the Middle East, which affected passenger travel demand.
Revenue Passenger Kilometers (RPK) totaled 11,993 million, a decrease of 11.3%. As a result, the average Cabin Factor stood at 71.5%, compared with 77.0% in the same period of last year.
For the first six months of 2026, THAI recorded total revenue (excluding one-time items) of 99.65 billion baht, an increase of 3.20 billion, or 3.3%, from the same period of last year.
Total expenses (excluding one-time items) amounted to 82.21 billion baht, an increase of 14.4% year-on-year. Operating profit before finance costs (excluding one-time items) amounted to 17.44 billion baht, while finance costs amounted to 6.15 billion baht.
THAI also recorded net one-time items as revenue of 1.42 billion baht, mainly attributable to gains on termination and modification of aircraft lease agreements. As a result, THAI reported a net profit of 11.64 billion baht for the first six months of 2026.
