Thai Airways Q2 profit drops to 1.54bn baht

Thai Airways International reported a net profit of 1.54 billion baht for the second quarter of 2026, down sharply from 12.13 billion baht in the same period last year.

The national carrier said higher jet fuel costs and flight reductions linked to unrest in the Middle East weighed on its results, despite an increase in revenue.

For passengers living in or visiting Thailand, the figures underline the continuing impact of Middle East disruption on international air travel. Thai Airways said it reduced flights because travel demand was affected; travellers using its long-haul network should check their booked flight status and schedules directly with the airline.

Revenue rose but costs climbed faster

Revenue excluding one-off items reached 48.62 billion baht between April and June, up 8.5% year-on-year. Thai Airways attributed the rise mainly to a 20.3% increase in average passenger yield, including fuel and insurance surcharges but excluding excess baggage revenue.

However, expenses excluding one-off items rose 29.7% to 44.93 billion baht. The airline said this was chiefly due to higher jet fuel prices resulting from unrest in the Middle East, with average fuel prices up 104.6% from a year earlier.

Operating profit before finance costs and one-off items was 3.69 billion baht, producing an EBIT margin of 17.5%.

Finance costs totalled 3.16 billion baht, while net one-off items added 335 million baht in revenue. Earnings before interest, taxes, depreciation and amortisation, or EBITDA, stood at 8.18 billion baht.

Fewer flights and lower cabin factor

As of 30 June, Thai Airways operated 84 aircraft, with average utilisation of 12.9 hours per aircraft per day. It carried 3.66 million passengers during the quarter.

Available Seat Kilometres, a measure of airline capacity, fell 4.4% to 16,778 million because of the flight reductions. Revenue Passenger Kilometres declined 11.3% to 11,993 million.

The average cabin factor was 71.5%, compared with 77.0% in the same quarter of 2025. While the company did not announce a change to ticket prices or baggage rules, its higher passenger yield reflects a more expensive operating environment for airlines.

For the first half of 2026, Thai Airways recorded revenue excluding one-off items of 99.65 billion baht, up 3.3%, or 3.20 billion baht, year-on-year. Expenses rose 14.4% to 82.21 billion baht.

First-half operating profit before finance costs and one-off items was 17.44 billion baht, while finance costs were 6.15 billion baht. Net one-off revenue of 1.42 billion baht was mainly linked to gains from terminating and modifying aircraft lease agreements, leaving a six-month net profit of 11.64 billion baht.

At 30 June, the airline held 123.76 billion baht in cash, cash equivalents and other current financial assets. Total assets were 322.08 billion baht, liabilities were 240.25 billion baht and shareholders' equity stood at 81.83 billion baht.

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13 August 2026