Bangkok: Thai Airways International announced its operating results for the second quarter of 2025, revealing continued growth following the successful relisting of its shares on the Stock Exchange of Thailand.
According to Thai News Agency, Thai Airways International Public Company Limited (THAI) and its subsidiaries reported total revenue (excluding one-time items) of 44,828 million baht for the second quarter of 2025. This reflects a 1.9% increase from the previous year, driven by increased flight frequencies on popular routes like Shanghai, Hong Kong, and Denpasar. The airline carried 3.97 million passengers during this period, marking a 4.2% year-on-year rise, and achieved an average cabin factor of 77.0%, up from 73.2% last year. These results were attributed to route network adjustments and partnerships through codeshare agreements.
The airline's total expenses (excluding one-time items) decreased by 9% year-on-year, amounting to 34.648 billion baht. This reduction was mainly due to lower jet fuel costs, despite increased fuel consumption due to higher flight volumes. Additionally, there were reductions in aircraft repair, maintenance costs, and other expenses. Consequently, Thai Airways reported an operating profit before finance costs (excluding one-time items) of 10.18 billion baht, a 71.8% increase from 5.925 billion baht last year, with an EBIT margin of 22.7%.
Financial costs recognized under Thai Financial Reporting Standard No. 9 (TFRS 9) were 3,392 million baht, down by 1,404 million baht year-on-year. Net one-time items amounted to 5,347 million baht, primarily due to accounting adjustments from transitioning from leasing to purchasing four Boeing 777-300ER aircraft. As a result, the company reported a net profit of 12,134 million baht in the second quarter of 2025, a significant increase from 314 million baht last year, along with an EBITDA of 13,408 million baht.
As of June 30, 2025, Thai Airways operated a fleet of 78 aircraft. For the first half of 2025, the company achieved total revenue (excluding one-time items) of 96,452 million baht, reflecting a 7.2% increase from the previous year. The average aircraft utilization rate was 13.6 hours per day, with a passenger volume (ASK) increase of 15.2%. Passenger transport volume (RPK) rose by 18.3%, with an average passenger load factor of 80.2%, and a total of 8.30 million passengers, up by 8.1% from last year. Expenses (excluding one-time items) decreased by 1.5% to 71,863 million baht, with an operating profit before finance costs of 24,589 million baht.
As of June 30, 2025, Thai Airways had total assets of 297,691 million baht, an increase from December 31, 2024. Total liabilities decreased to 230,134 million baht, while shareholders' equity rose to 67,557 million baht. The company had cash and cash equivalents and other current financial assets of 120,010 million baht.
The company's shares resumed trading on the Stock Exchange of Thailand on August 4th, marking a new chapter following a successful rehabilitation program. Over the initial trading days, THAI shares averaged approximately 4.4 billion baht daily, closing at 13.40 baht per share on August 7th, a 27.6% rise from the opening price. This positioned the airline as the 11th largest stock on the exchange with a market capitalization of 379.264 billion baht.
This resumption marks a significant milestone for the airline, which aims to enhance operations and service quality while adhering to strong governance principles. Thai Airways is committed to becoming a leader in the regional aviation industry and one of the top-listed companies on the Stock Exchange of Thailand.