Thai Tourism Giants Defy Slowdown with Strong Profits
Despite a decline in visitor arrivals in early 2025, Thailand’s leading airlines and hotel groups report significant first-half profits, driven by recovery strategies and strong financial management.
Thailand’s tourism sector reported strong financial results in the first half of 2025, despite a slowdown in international visitor numbers, particularly from the Chinese market.
The country’s major listed airlines and hotel operators recorded solid profits, reflecting resilience in the face of global economic uncertainty.
The three principal Thai carriers—Thai Airways, Thai AirAsia, and Bangkok Airways—together reported revenues of 134.88 billion baht, up from 129.25 billion baht in the same period of 2024.
Their combined net profit surged to 25.66 billion baht, compared with 5.31 billion baht a year earlier.
Thai Airways accounted for the bulk of the gains, with net profit increasing by more than 700% to 21.97 billion baht, up from 2.72 billion baht, following progress under its business rehabilitation plan.
The airline’s shares were relisted on the Stock Exchange of Thailand on 4 August, achieving a market capitalisation of 418 billion baht.
Thai AirAsia also returned to profitability, posting 1.60 billion baht in net profit after a 325 million baht loss the previous year.
Bangkok Airways remained profitable, though it reported a slight revenue decline.
In the hospitality sector, most large hotel chains also recorded positive earnings.
Minor International reported the highest net profit at 3.50 billion baht, though this represented an 11% year-on-year decline.
Asset World Corporation posted a net profit of 3.37 billion baht, up 18.4%, supported by 10.9% revenue growth to 11.40 billion baht.
The company launched new attractions, including Jurassic World The Experience at Asiatique The Riverfront.
S Hotels and Resorts, a subsidiary of Singha Estate, delivered its highest-ever first-half net profit of 200 million baht, up 399% year-on-year, driven by refinancing of high-cost loans.
Dusit Thani recorded a net loss, though revenue rose due to stronger performance at its Bangkok and Residence properties.
Looking ahead, industry leaders outlined growth strategies for the second half of the year.
Thai Airways CEO Chai Eamsiri confirmed that revenues remain on track and highlighted long-haul passengers as a key strength.
As of 30 June, the airline held cash reserves of 120.01 billion baht.
Asia Aviation CEO Santisuk Klongchaiya said Thai AirAsia will adjust its route capacity to match demand, adding new domestic services from Suvarnabhumi Airport and expanding international routes, including to India, Indonesia, Japan, and Taiwan.
Asset World Corporation CEO Wallapa Traisorat announced the opening of the company’s Lannatique Kalare project in Chiang Mai and reported strong results from government tourism stimulus measures, as well as growth in advance bookings in major tourist provinces.
The country’s major listed airlines and hotel operators recorded solid profits, reflecting resilience in the face of global economic uncertainty.
The three principal Thai carriers—Thai Airways, Thai AirAsia, and Bangkok Airways—together reported revenues of 134.88 billion baht, up from 129.25 billion baht in the same period of 2024.
Their combined net profit surged to 25.66 billion baht, compared with 5.31 billion baht a year earlier.
Thai Airways accounted for the bulk of the gains, with net profit increasing by more than 700% to 21.97 billion baht, up from 2.72 billion baht, following progress under its business rehabilitation plan.
The airline’s shares were relisted on the Stock Exchange of Thailand on 4 August, achieving a market capitalisation of 418 billion baht.
Thai AirAsia also returned to profitability, posting 1.60 billion baht in net profit after a 325 million baht loss the previous year.
Bangkok Airways remained profitable, though it reported a slight revenue decline.
In the hospitality sector, most large hotel chains also recorded positive earnings.
Minor International reported the highest net profit at 3.50 billion baht, though this represented an 11% year-on-year decline.
Asset World Corporation posted a net profit of 3.37 billion baht, up 18.4%, supported by 10.9% revenue growth to 11.40 billion baht.
The company launched new attractions, including Jurassic World The Experience at Asiatique The Riverfront.
S Hotels and Resorts, a subsidiary of Singha Estate, delivered its highest-ever first-half net profit of 200 million baht, up 399% year-on-year, driven by refinancing of high-cost loans.
Dusit Thani recorded a net loss, though revenue rose due to stronger performance at its Bangkok and Residence properties.
Looking ahead, industry leaders outlined growth strategies for the second half of the year.
Thai Airways CEO Chai Eamsiri confirmed that revenues remain on track and highlighted long-haul passengers as a key strength.
As of 30 June, the airline held cash reserves of 120.01 billion baht.
Asia Aviation CEO Santisuk Klongchaiya said Thai AirAsia will adjust its route capacity to match demand, adding new domestic services from Suvarnabhumi Airport and expanding international routes, including to India, Indonesia, Japan, and Taiwan.
Asset World Corporation CEO Wallapa Traisorat announced the opening of the company’s Lannatique Kalare project in Chiang Mai and reported strong results from government tourism stimulus measures, as well as growth in advance bookings in major tourist provinces.
