Bangkok Airways narrowed its operating loss for 2022, as revenues doubled on the back of significant growth in passenger numbers.

For the year ended 31 December 2022, the airline posted an operating loss of Bt889 million ($25.6 million), improving on the Bt2.5 billion loss in 2021 when much of Thailand remained shut.

ATR 72-600 Bangkok Airways

Source: Bangkok Airways

A Bangkok Airways ATR 72-600 in 2021

Operating revenue more than doubled year on year to Bt12.7 billion, with passenger travel revenue seeing a six-fold jump. The airline carried 2.6 million passengers in 2022, about five times higher than 2021.

However, the airline notes its system-wide capacity remains well below pre-pandemic levels. Despite restarting a number of international routes – even increasing frequencies on some of them – the airline says it was operating at around 40% pre-pandemic capacity as at end-2022.

Full-year costs rose 69% to Bt13.8 billion, led mainly by an increase in fuel costs, with other operating-related expenses increasing year on year as more flights resumed.

Bangkok Airways posted a net loss of Bt2.1 billion, narrowing from the Bt8.5 billion net loss posted in the year-ago period.

The airline ended the year with 35 aircraft, two aircraft fewer than in 2021.