Bangkok Airways plunges to steep net loss after airport lease termination

Bangkok Airways significantly widened its net loss for the three months to 30 September, as it took on a hefty charge for the termination of an airport lease agreement. In its Q3 results, the carrier posted a net loss of nearly Bt7b ($213m), widening the Bt1.6b net loss it made in the same quarter last year. Bangkok Airways says the steep net loss follows the termination of a lease agreement with the Samui Airport property fund, which saw the airline pay Bt18.1b, and incur a charge of Bt5.4b. At the operating level, the airline’s losses remained nearly flat from a year ago, at Bt1.24b, compared to Bt1.25b. Revenue for the period fell 25% to Bt672b, as the airline suspended operations in mid-July for more than a month, amid a third wave of coronavirus infections across Thailand. While it resumed a number of domestic flights in September, Bangkok Airways notes that traffic remains in the doldrums: passenger numbers in the quarter fell 86% year on year to just 26,000.<br/>