Thai aviation sector bounces back

In 2023, Thai Airways emerged as the best performer, earning record-breaking profits of 28 billion THB. (Photo: VNA)

Bangkok (VNA) – 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 31.4 billion THB (870 million USD) and escalated further to 40 billion THB if combined with the operations of Airports of Thailand (AOT).

The site said this represents a significant improvement from the industry’s overall downturn in 2022 when losses amounted to 21 billion THB, including AOT operations.

In 2023, Thai Airways emerged as the best performer, earning record-breaking profits of 28 billion THB. The airline raked in revenue amounting to 161.07 billion THB, eclipsing its 2022 figures by over 56 billion THB.

Bangkok Airways, meanwhile, reported profits exceeding 3.1 billion THB, and Thai AirAsia marked a return to profitability, notably during the final quarter, with profits exceeding 2.81 billion THB./.

VNA