BANGKOK, 12 November, 2021 - Asia Aviation Public Company Limited. (AAV), a Stock Exchange of Thailand (SET) listed company and major shareholder in Thai AirAsia Company Limited (TAA), announces its third quarter of 2021 (3Q2021) financial results with total revenue of Baht 457 million and net loss of Baht 2,098 million, and a 23 percent improvement in EBITDA compared to the same period last year. This was achieved despite the service suspension of all domestic routes between 12 July to 2 September 2021 as part of the government’s COVID-19 containment measures and unrealised foreign exchange loss.

Nonetheless, the return to service starting 3 September 2021 under highest health and safety measures aligned with pent up demand for air travel, has allowed TAA to gradually resume its route network and increase flight frequencies accordingly.

The management has also put in place tight cost efficiency measures including reduction of unnecessary expenses to minimise the company’s losses and maximise its viability.

In 3Q2021, TAA transported 79,767 passengers, down by 96 percent compared to the corresponding period last year. This was in accordance with a decrease of 95 percent of its Available Seat Kilometres (ASK) compared to the same period last year. The load factor during the quarter was 60 percent and the airline ended the quarter with 60 aircraft.

Santisuk Klongchaiya, Chief Executive Officer of Asia Aviation Plc. and Thai AirAsia Co. Ltd., elaborated that as the COVID-19 epidemic was at a peak during 3Q2021 with the third wave in Thailand that began in April 2021, the circumstances had impacted AAV’s profitability but the company embraced innovation and opportunities, from capital management to finding new revenue sources to remain competitive and viable. In particular, we launched airasia food in Bangkok in August 2021 as part of a new offering within airasia Super App, a lifestyle platform that has elevated the business to more than an airline and given it access to a wider customer base. Cargo services were also further developed with the network expansion of Teleport.

“We are very confident that the aviation and tourism businesses are way past the turbulent times. With the improving situation in Thailand and our neighbouring countries in the Asean region, we are looking at very encouraging signs of recovery from the fourth quarter of 2021 onwards after tracking a strongly positive response in the domestic travel segment. Continuing state tourism promotion campaigns, the widening of the vaccination effort and the country’s reopening on 1 November 2021 have further increased positive sentiment among Thai AirAsia guests. Our Baht 14 Billion fundraising plan has received approval from the Board and should be ready by 1Q2022, in time to fuel our competitiveness as foreign travelers return,” Mr. Santisuk said.

Thai AirAsia is continuing to prioritise health and safety and is exercising the utmost in hygienic measures while, even amid current challenges, maintaining its brand image. The carrier was named “Best Low-Cost Airline in the World'' for a 12th consecutive year by Skytrax, received the “Business Aviation Award'' from FlightGlobal, took “Asia’s Leading Low-Cost Airline'' for a 9th year and “Asia’s Leading Low-Cost Airline Cabin Crew'' for a 6th year from World Travel Awards 2021 and received “Best Low-Cost Airline'' from Business Traveller Asia-Pacific. AAV was also selected to be on the Stock Exchange of Thailand’s “Thailand Sustainability Investment (THSI) List 2021” for the 3rd year running.

“Thai AirAsia is an operating company built for sustainable long-term growth with an ability to adapt and create new opportunities even amidst crisis. Once the travel market fully returns, we will be back even stronger as a leading industry player” Mr. Santisuk stated.