An unexpected tax burden has dampened the otherwise healthy performance of Bangkok Airways in the second quarter this year.
The SET-listed regional airline posted a net loss of 111.9 million baht between April and June, reversing the 102.2 million baht in net profit recorded in the same period last year.
The Revenue Department's June 16 change in income tax calculation for tax privileges granted by the Board of Investment led the airline to pay 447 million baht in additional tax, president Puttipong Prasarttong-Osoth explained on Thursday.
Bangkok Airways reported 491.7 million baht in profit before income tax expenses in the second quarter.
Revenues in the period rose 8.8% to 6.05 billion baht as the airline raised passenger volumes to 1.23 million, up from 1.11 million in the same period last year.
However, for the first half this year, the company still posted higher net profit than the same period last year with a 23% increase to 1.46 billion baht.
Bangkok Airways shares however rose 2.51% to 24.50 baht on Thursday.