Profit and loss figures for 8 hotel and airline giants in Q2 and H1 2026

Hotel, hospitality and airline businesses listed on the Stock Exchange of Thailand have reported their results for the second quarter and first six months of 2026. The companies faced global geopolitical challenges and intense competition for tourists. Although some suffered losses because of the energy crisis, several maintained their growth momentum from the first quarter.

AWC posts Q2 profit of 1.468 billion baht

Asset World Corp Public Company Limited, or AWC, reported total revenue of 5.502 billion baht for the second quarter of 2026, up 5.6% from the same period last year. Net profit rose 4.6% to 1.468 billion baht, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 4.6% to 2.850 billion baht.

The hotel and hospitality business generated revenue of 2.761 billion baht, up 5.7%, and EBITDA of 742 million baht, up 9.7%. Its EBITDA margin increased from 25.9% to 26.9%, reflecting a recovery among Bangkok hotels and growth at luxury resorts and hotels in major tourist destinations.

The commercial business generated revenue of 2.517 billion baht, up 13.4%, and EBITDA of 2.137 billion baht, up 13.2%. The main drivers included AWC’s Lifestyle Destination and the success of Asiatique The Riverfront Destination.

For the first six months of 2026, AWC recorded total revenue of 12.278 billion baht, up 7.7%, and net profit of 3.455 billion baht, up 2.4%.

CENTEL earns net profit of 176 million baht

Central Plaza Hotel Public Company Limited, or CENTEL, reported that its second-quarter performance improved from the same period last year but weakened from the first quarter of 2026. Total revenue reached 5.968 billion baht, compared with 5.828 billion baht in the second quarter of 2025, an increase of 140 million baht, or 2%.

Revenue from the hotel and food businesses accounted for 44% and 56%, respectively, compared with 43% and 57% in the second quarter of 2025. Total gross profit increased 6% year on year from 3.286 billion baht to 3.478 billion baht. The gross profit margin was 60% of revenue, excluding other income, up from 59% in the same period last year.

CENTEL posted net profit of 176 million baht in the second quarter of 2026, compared with 104 million baht in the same quarter of 2025, an increase of 72 million baht, or 69%. 

For the first six months of 2026, the company recorded total revenue of 12.943 billion baht, up 3%, and net profit of 1.253 billion baht, up 32%.

DUSIT swings from loss to net profit of 97 million baht

Dusit Thani Public Company Limited, or DUSIT, reported its results for the second quarter and first six months of 2026. Second-quarter revenue rose 113.8% year on year to 3.633 billion baht, while the company recorded net profit of 97 million baht.

This marked a turnaround from a net loss of 291 million baht in the second quarter of 2025. EBITDA increased 550.4% year on year to 761 million baht.

For the first six months of 2026, total revenue rose 69.5% year on year to 6.903 billion baht. The company posted net profit of 347 million baht, compared with a net loss of 243 million baht in the first six months of 2025, while EBITDA increased 156.1% to 1.621 billion baht.

ERW earns net profit of 72 million baht

Before exceptional items, The Erawan Group Public Company Limited, or ERW, reported total revenue of 1.828 billion baht for the second quarter of 2026, up 4% from the second quarter of 2025. EBITDA increased 1% to 502 million baht, while net profit rose 31% to 83 million baht.

The improvement was driven mainly by lower finance costs following the company’s continuing management of its capital structure. After including an exceptional expense of 11 million baht for an early loan repayment fee, the company recorded net profit of 72 million baht, up 14% from the same period last year.

The company’s results for the first six months of 2026 reflected its ability to maintain revenue and profit growth. Before exceptional items, total revenue increased 5% year on year to 4.084 billion baht, while EBITDA rose 4% to 1.337 billion baht and net profit increased 16% to 472 million baht.

After including an exceptional expense of 24 million baht for an early loan repayment fee, the company reported net profit of 448 million baht, up 10% year on year. The improvement resulted from revenue management, adjustments to its marketing strategy and capital-structure management aimed at reducing its long-term interest burden.

MINT posts net profit of 3.308 billion baht

Minor International Public Company Limited, or MINT, reported strong second-quarter results for 2026, with operating net profit continuing to grow despite a challenging business environment and heightened geopolitical tensions in the Middle East during the quarter.

MINT generated operating revenue of 44.276 billion baht in the second quarter of 2026, up 2% year on year, supported by growth in both its hotel and restaurant businesses. Its hotels benefited from continued strong interregional travel demand, particularly in Europe.

Effective pricing strategies also supported the hotel business, while the restaurant division benefited from new product development and stronger brands in key markets, including Thailand, China, Singapore and Australia. Franchise revenue also grew significantly following expansion of the company’s franchise network in Thailand and overseas.

Second-quarter net profit rose 7% year on year to 3.308 billion baht, supported by stronger operating performance and a reduction in unrealised losses from derivatives and cross-currency swaps linked to perpetual subordinated debentures.

For the first six months of 2026, the company reported revenue of 82.969 billion baht and EBITDA of 21.695 billion baht, increases of 2% and 3%, respectively, from the same period last year. Net profit rose 13% year on year to 3.957 billion baht, driven by stronger operating performance.

The company also recognised accounting foreign-exchange gains from derivatives and cross-currency swaps during the first six months of 2026, particularly in the first quarter.

AAV suffers 2.326-billion-baht loss amid soaring fuel prices

Asia Aviation Public Company Limited, or AAV, the major shareholder in Thai AirAsia (TAA), reported its financial and operating results for the second quarter of 2026 after facing a surge in global fuel prices and the region’s off-peak travel season.

The airline rapidly adjusted its plans to preserve profitability by reducing seat capacity and increasing earnings per seat on routes with strong potential.

Revenue from sales and services rose 2% year on year to 10.046 billion baht, while ticket-sales revenue increased 6% to 8.575 billion baht.

The airline reduced seat capacity by 13% to 5.14 million seats, concentrating on its core markets. It raised its average fare by 27%, although this covered only half of the increase in fuel costs, while passenger numbers were maintained at 4.03 million.

Jet fuel prices surged by an unprecedented 124% to US$183 per barrel, pushing total fuel expenses up 43% to 5.011 billion baht.

Despite the cost pressures, the airline recorded EBITDA of 25 million baht. Its net loss amounted to 2.326 billion baht, including a foreign-exchange loss of 293 million baht.

The core operation recorded a quarterly loss of 2.091 billion baht, resulting in a core operating loss of 440 million baht for the first half of 2026.

The airline made substantial reductions in non-fuel operating expenses as part of its cost-control measures. Selling and administrative expenses fell 17%, while employee expenses declined 12%.

Although total non-fuel costs fell 8% through strict financial discipline, cost per available seat kilometre excluding fuel, or CASK ex-fuel, increased 13% to 1.43 baht.

BA reports net profit of 332.6 million baht

Bangkok Airways Public Company Limited, or BA, the operator of Bangkok Airways, announced total revenue of 6.0525 billion baht for the second quarter of 2026, up 5.5%. Total expenses increased 11.7% to 5.5331 billion baht, resulting in quarterly net profit of 332.6 million baht.

For the first six months of 2026, total revenue rose 3% to 13.9347 billion baht, while total expenses increased 2.3% to 10.6225 billion baht. Net profit reached 2.4318 billion baht, up 16.3% from the same period last year, reflecting the company’s ability to generate revenue and control expenses effectively despite economic volatility and the war in the Middle East.

THAI maintains net profit of 1.537 billion baht amid volatility

Thai Airways International Public Company Limited, or THAI, announced total revenue, excluding one-time items, of 48.621 billion baht for the second quarter of 2026. This was an increase of 3.793 billion baht, or 8.5%, from the same period last year.

The increase resulted from a 20.3% year-on-year rise in average passenger revenue per unit, including fuel and insurance surcharges but excluding excess-baggage charges, after the company revised its fuel surcharge rates to reflect jet fuel price trends and competitive conditions.

Total expenses, excluding one-time items, increased 29.7% year on year to 44.930 billion baht because of higher jet fuel prices arising from unrest in the Middle East.

Average fuel prices rose 104.6% from the same period last year, leaving the company with operating profit before finance costs, excluding one-time items, of 3.691 billion baht.

The operating profit margin before finance costs, excluding one-time items, stood at 17.5%, reflecting the company’s ability to manage its performance and liquidity at appropriate levels.

The company recorded finance costs of 3.165 billion baht and net one-time income of 335 million baht. As a result, net profit for the second quarter of 2026 stood at 1.537 billion baht, compared with 12.134 billion baht in the same period last year, while EBITDA totalled 8.182 billion baht.

For the first six months of 2026, total revenue, excluding one-time items, increased by 3.198 billion baht, or 3.3%, year on year to 99.650 billion baht. Total expenses, excluding one-time items, rose 14.4% to 82.213 billion baht.

Operating profit before finance costs, excluding one-time items, stood at 17.437 billion baht, while finance costs totalled 6.152 billion baht. The company recorded net one-time income of 1.424 billion baht.

The one-time income resulted mainly from gains on the termination and modification of aircraft leases. Consequently, the company posted net profit of 11.645 billion baht for the first six months of 2026.