Thai Airways International on Friday reported a first-quarter consolidated net profit of 2.43 billion baht, a decrease of 80.7% from 12.5 billion a year earlier.
In a statement to the Stock Exchange of Thailand, the national carrier said revenue rose 10.7% year-on-year to 45.9 billion baht, but profit was pulled down by higher expenses, which rose 22.5% to 34.9 billion baht.
The company said higher expenses reflected increasing flights, routes and passenger numbers, baht depreciation, higher ground handling rates and raw material costs.
Passenger revenue of 3.54 billion baht was up 10.1%, reflecting an increase in flights under the 2023–24 winter schedule.
THAI said it carried 3.88 million passengers in the first quarter, up 10.2% from a year ago. The average cabin factor of 83.5% was similar to last year but above the industry average of 80.8%.
The company has forecast full-year revenue of around 180 billion baht, with an expected average passenger load factor of 75%.
THAI currently operates a fleet of 73 planes, up from 70 in the first quarter of 2023. It said the airline is negotiating to sell 18 planes, and has completed six sales. Contracts to sell six Boeing 777-300 jets and six Airbus A380 aircraft are expected to be signed soon.
The carrier said it is still planning to exit its business rehabilitation plan and relist on the SET in 2025.