Nok Air’s losses deepen in third quarter

Nok Air’s pre-tax losses deepened in Q3 to Bt2.59b ($86m), from Bt482m in the year-ago period. The Thai low-cost carrier attributes its poorer financial performance to the Covid-19 pandemic, while new accounting standards and the liquidation of subsidiary NokScoot were also contributing factors. In the recently concluded quarter, Nok’s passenger and service revenues were down by 47.5% to Bt1.43b, while the costs of passenger and services increased nearly 48% Bt1.56b. In the three months ended 30 September, the airline cut ASKs by 45.2% year-on-year, while RPKs fell 58.8%. Passenger yield increased 24.7% to Bt2.22 and load factor was down by 24.9 percentage points to 64%. For the nine months ended 30 September, Nok posted pre-tax losses of Bt4.65b, compared with Bt1.39b in the corresponding nine months of 2019. During this period, passenger and service revenues declined by 48% year-on-year to Bt4.76 billion, while the associated cost was down by 43% to Bt5.6b.<br/>