Thai aviation sector bounces back
The resurgence of Thailand’s tourism industry over the past year has translated into substantial gains for airlines and tourism businesses listed on the Stock Exchange of Thailand (SET), reported the local news site The Nation.
In the aviation sector alone, last year witnessed a remarkable turnaround from losses to profits, signifying a notable upswing throughout the year. Profits soared to THB31.4 billion ($870 million) and escalated further to THB40 billion ($1.17 billion) if combined with the operations of Airports of Thailand (AOT).
A Thai Airways plane. Photo courtesy of the airline.
The site said this represents a significant improvement from the industry’s overall downturn in 2022 when losses amounted to THB21 billion ($586.23 million), including AOT operations.
In 2023, Thai Airways emerged as the best performer, earning record-breaking profits of THB28 billion ($781.6 million). The airline raked in revenue amounting to THB161.07 billion ($4.5 billion), eclipsing its 2022 figures by over THB56 billion ($1.56 billion).
Bangkok Airways, meanwhile, reported profits exceeding THB3.1 billion ($86.54 million), and Thai AirAsia marked a return to profitability, notably during the final quarter, with profits exceeding THB2.81 billion.
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