Posted on: 11 August 2016 by Mark Howells
Bangkok Airways has reported its operating results for the first half of 2016 (1H16) which had total revenue up 12.5% from 1H15 to THB13,830.4 million, while the net profit of THB1,462.6 million increased by 23% compared with 1H15.
The airline’s president, Captain Puttipong Prasarttong-Osoth, commented, “In the second quarter, total revenue of the company was THB6,054.7 million, increased by 8.8% from the same period in the previous year, mainly based on higher number of passengers. Profit before income tax expenses was THB491.7 million; nevertheless, additional tax return at the amount of THB447.0 million was filed because of the change in corporate income tax calculation for tax privileges granted by the Board of Investment (BOI) in which the practice of the Revenue Department shall be followed as announced by the Ministry of Finance dated 16 June 2016 which caused the company to have net loss at the amount of THB111.9 million.”
“For the six-month period, the company has total revenue amounting to THB13,830.4 million, increased by 12.5%,” Prasarttong-Osoth added. “The company has net profit before income tax amounting to THB2,308.1 million for the first half of 2016. After deducting tax, net profit would be THB1,462.6 million baht which was attributable to equity holders of the company at the amount of THB1,425.3 million. Earnings per share is at THB0.68 which is higher than the same period last year by 23.6%.”
Bangkok Airways has recently signed a codeshare deal with Austrian Airlines, increasing its codeshare partners to 21. This partnership helps Bangkok Airways create a greater connectivity between Europe and Thailand and enables passengers of Austrian Airlines to connect seamlessly with world-class tourist destinations in Thailand and Cambodia from Vienna via Bangkok. The company expects to sign new codeshare agreements with two to three more airlines during the second half of the year.
During the second quarter, Bangkok Airways began two new routes between Chiang Mai and Mae Hong Son, and between Bangkok and Danang. In addition, frequencies were increased for the route between Bangkok and Nay Pyi Taw from 5 flights to 6 flights a week with an additional Sunday flight.