Thai airlines report Q1 earnings surge as tourism rebounds

By Hoang Phong    May 14, 2023 | 11:49 pm PT
Thai airlines report Q1 earnings surge as tourism rebounds
Passengers arrive at Bangkok’s Suvarnabhumi airport in Bangkok, Thailand, January 9, 2023. Photo by Reuters
Major airlines in Thailand have reported positive business results during the first quarter, as foreign tourists have flocked back to Southeast Asia’s second-largest economy in large numbers.

Thai Airways posted a net income of 12.51 billion baht ($370 million) during the first quarter, rebounding from a net loss of 3.25 billion baht a year earlier, Bangkok Post reported.

Bangkok Airways’ net income was 875 million baht versus a net loss of 1.02 billion baht in the same quarter last year.

Thailand received 8.6 million foreign arrivals in January-April, around one-third of the full-year target.

The Thai government estimates that between 25 to 30 million people will arrive in 2023.

The country is targeting high-spending visitors from the Middle East in the second half of this year as a potential new growth engine.

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