Nok Airlines PCL (NOK), a low-cost airline in Thailand operating mostly domestic services, and its subsidiaries reported first-half losses of 3,750.61 million baht, down -215.8 per cent from 1,187.70 million baht in the same period in 2019.
The company stated in the report through the Stock Exchange of Thailand (SET) that there were three main causes for the results:
- The COVID-19 outbreak and its severe impacts on air transportation demand resulting in temporary suspensions of international flight operations. However, the Company was the only carrier that continued to operate domestic services during the shutdown.
2. The new accounting standard which has been enforced since January resulting in new reporting on foreign exchange loss.
3. The liquidation of NokScoot Company Limited on July 29, 2020 as a result of financial loss.
Nok Airline’s revenue for the six-month period was 3,367.61 million baht or a decrease of 47.96 per cent from last year.
Passenger revenue was 2,919.21 baht or 86.68 percent of total revenue with service revenue at 415.81 million baht which was 12.35 percent and 32.55 million baht from other incomes.
Nok Airlines carried just 440,000 passengers in the second quarter, a 78.2 per cent drop year-on-year.
Back trading on Wednesday
Earlier, the SET posted SP (Trading Suspension), NP (Notice Pending) signs on the securities of NOK as the auditors did not sign off on financial statements ending June 30, 2020.
NOK is set to resume trading on Wednesday morning (September 2, 2020). The last trade was on August 13 with the closing price of 0.78 baht per share with the transaction value of 2 million baht.
