Bangkok Airways posted a 22% decline in its first quarter operating profit to Bt870 million ($27.6 million) as expenses rose faster than revenue.
Total revenue for the quarter ended 31 March was static at Bt7.79 billion. Revenue from the airline and airport segments all saw declines, while revenue from the airport-related services and other businesses posted double digit growth.
Bangkok Airways’ operating profit fell 22% during the three months to 31 March
RPKs fell 3.2% despite a 0.8% decline in ASKs. Overall load factor fell 1.8 percentage points to 74.6%, as loads on domestic flights fell while international load factor remained steady.
While passenger yield per kilometre was down 1.5% to Bt4.72, RASK was up 1.8%, and CASK rose 1.1%.
Total expenses were up 3.6% to Bt6.92 billion, as higher fuel, maintenance and personnel expenditure took a hit on the carrier.
Attributable net profit fell 29% to Bt504 million.
Cash and cash equivalents at 31 March amounted to Bt4.79 billion, a slight increase from the Bt4.7 billion it had on the same date in 2018.
Bangkok Airways launched Bangkok-Cam Ranh and Chiang Mai-Krabi services, added flights on the Krabi-Bangkok, Bangkok-Da Nang and Bangkok-Mandalay routes, while slightly reducing the Chiang Mai-Bangkok frequency over the three months.
The airline also saw its net fleet size grow from 38 to 41, with the delivery of two Airbus A319s and three ATR 72-600s, while it phased out two ATR 72-500s.