Nok Air profits slide during Q1

Thailand’s low-cost carrier Nok Air has reported a 90.2% slide in first-quarter profit to THB40.9 million ($1.25 million) compared to the year-ago period. More domestic competition from carriers such as Thai Lion Air, which aided a 20% increase in available domestic flights, and the continuing political instability in Thailand have been blamed for the drop – pushing down fares. Depreciation of the Thai Baht against the dollar is also a significantly factor affecting Nok Air’s operating costs. First-quarter revenue was up 11% to THB3.14 billion, yet costs rose 28.9% to THB3.1 billion. Nok Air carried 23.4% more passengers during the