BANGKOK: An unexpected tax burden dampened the otherwise healthy performance of Bangkok Airways (BA) in the second quarter of the year. The SET-listed regional airline posted a net loss of 111.9 million baht between April and June, reversing a 102.2-million-baht net profit recorded a year earlier.
The Revenue Department’s June 16 change in income tax calculation for tax privileges granted by the Board of Investment led the airline to pay 447 million baht in additional taxes, president Puttipong Prasarttong-Osoth said on Thursday.
Bangkok Airways reported 491.7 million baht in profit before income tax expense in the second quarter. Revenue in the period rose 8.8% to 6.05 billion baht as the airline raised passenger volume to 1.23 million, up from 1.11 million in the same period last year. In the first half of this year, , however, the company still posted a higher net profit than a year earlier with a 23% increase to 1.46 billion baht. BA shares closed Thursday on the Stock Exchange of Thailand at 24.50 baht, up 60 satang, in heavy trade worth 1.41 billion baht.
