Travel restrictions crush Thai AirAsia’s 2021 results

Thai AirAsia parent Asia Aviation saw revenues drop sharply and operating losses balloon in 2021, as it continued to grapple with travel restrictions related to the coronavirus pandemic. Operating losses for the 12 months ended 31 December 2021 widened to Bt11.9b ($367b) compared with Bt7.6b in 2020, says Asia Aviation in its full-year results statement. Revenue for the year collapsed, falling 76% to Bt4.5b, while full-year net losses widened to Bt12b compared with Bt8.7b a year earlier. The company attributed the dismal showing to Covid-19 outbreaks over the course of the year, namely the Delta and Omicron variants. It notes that the suspension of Thailand’s ‘Test & Go’ scheme for vaccinated travellers amid the Omicron outbreak was particularly disruptive. Over the course of 2021, Thai AirAsia carried 2.93m passengers, down 69% from 2020. Capacity as measured by seats fell 66%, and by ASKs fell 70%. RPKS declined 73% from a year earlier, load factors fell seven percentage points 68%. CASK climbed 97% in 2021 from a year earlier, while CASK ex-fuel quadrupled. Thai AirAsia’s aircraft utilization was low in 2021, at just 5.6h per day for active aircraft compared with 7.4h in 2020. As of 31 December 2021, Asia Aviation’s cash and cash equivalents stood at Bt5.3b, up from Bt1.1b a year earlier, with the increase largely due to fundraising activities during the year.<br/>
FlightGlobal
https://www.flightglobal.com/airlines/travel-restrictions-crush-thai-airasias-2021-results/147677.article
2/24/22