Bangkok Airways’ losses widened in 2020, as it reports a 69% decline in operating revenue to Bt7.95 billion ($262 million) for the year.

Revenue from its airline business, which accounted for 55% of the company’s total revenue in 2020 versus 67% in 2019, was down 70% year-on-year to Bt5.64 billion compared to 2019. Costs relating to airline operations more than halved to Bt10.9 billion.

ATR 72-600 Bangkok Airways

Source: Max Kingsley-Jones / FightGlobal

ATR 72-600 Bangkok Airways

Likewise, revenues from the company’s airport and airport-related businesses declined by 67.6% and 57.5%, respectively.

On the whole, the group recorded a loss before interest and taxes of Bt3.56 billion for the year ending 31 December 2020, widened from a Bt364 million loss in 2019.

ASKs were cut by 69% for the year, while RPKs declined by a comparable percentage. Passenger load factor fell from 68.1% in 2019 to 62.9% in 2020.

Bangkok Airways ended 2020 with Bt2.18 billion in cash and cash equivalents, a sharp reduction from 2019’s Bt5.27 billion. It had 39 aircraft in its fleet, one less than in 2019.