Asia Aviation PLC (AAV), the powerhouse behind Thai AirAsia Co. Ltd (TAA), unveiled a tale of contrasting fortunes in its first-quarter performance of 2024.
Revenue rocketed by an impressive 52%, hitting 13,793.7 million baht, while positive earnings before taxes soared by 78% to 3,094.2 million baht. But amidst the celebratory air, a storm brewed as the company recorded a staggering net loss of 409.1 million baht, pinned on the weakening of the Thai Baht.
To soothe investor jitters, AAV clarified that excluding the forex loss, a core profit of 1,640.3 million baht was pocketed during the quarter, marking a significant turnaround from the previous year’s loss of 203.2 million baht.
Despite the financial turbulence, TAA’s operational wings showed strength. Passenger numbers climbed by 19% year-on-year, reaching 5.5 million, with 50 out of 56 aircraft taking flight. The introduction of new routes, including Hat Yai-Singapore and Don Mueang-Kaohsiung,…
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