Thailand’s tourism industry is showing a paradoxical trend in 2025: despite a drop in foreign visitor arrivals — especially from the crucial Chinese market — the country’s major airlines and hotel chains have reported robust profits in the first half of the year.

Airlines Post THB25 Billion in Net Profit

The three leading carriers listed on the Stock Exchange of Thailand (SET) — Thai Airways, Thai AirAsia, and Bangkok Airways — collectively earned THB134.88 billion in revenue during the first six months of 2025, compared with THB129.25 billion a year earlier.

Their combined net profit surged to THB25.66 billion, a sharp rise from THB5.31 billion in the same period last year.

Thai Airways led the way with a 702.5 per cent jump in profit, reaching THB21.97 billion, thanks to efficient cost management under its business rehabilitation plan. The airline, which re-listed its shares on the SET on August 4, now boasts a market capitalisation of THB418 billion, placing it among the bourse’s top 10 companies.

Meanwhile, Thai AirAsia turned last year’s THB325 million loss into a THB1.60 billion profit despite softer demand from some Asian markets. Bangkok Airways also remained profitable despite a slight revenue dip.

Hotels Show Resilience

Thailand’s top hotel operators also reported generally positive results.

• Minor International (MINT) posted the highest revenue, surpassing THB80 billion, with a net profit of THB3.50 billion — down 11 per cent year-on-year but supported by higher average room rates in Europe, the Maldives, and Thailand.

• Asset World Corporation (AWC) achieved a net profit of THB3.37 billion, up 18.4 per cent, alongside a revenue increase of 10.9 per cent to THB11.40 billion. Its ‘Growth-Led Strategy’ and new attractions, including Jurassic World The Experience at Asiatique The Riverfront, bolstered earnings.

• S Hotels and Resorts (SHR) saw the sharpest growth, with net profit climbing 399 per cent to THB200 million — the highest in its history — driven by refinancing efforts that cut borrowing costs.

• Dusit Thani, while still recording a loss, showed improved revenues from its Bangkok and Residence properties.

Outlook Remains Positive

Executives from both the airline and hospitality sectors project continued growth in the second half of 2025.

Thai Airways CEO Chai Eamsiri said long-haul markets are driving demand, helping the airline maintain strong revenue streams. As of June 30, the carrier held a cash reserve of THB120.01 billion, enabling it to expand its fleet and enhance services.

Thai AirAsia CEO Santisuk Klongchaiya noted the airline’s flexible management strategy, including cutting capacity on weaker routes and adding new services such as Phuket-Kochi (India), Phuket-Medan (Indonesia), and new Fifth Freedom routes.

AWC CEO Wallapa Traisorat said the company will launch its ‘Lannatique Kalare’ project in Chiang Mai, while benefitting from the government’s ‘Teaw Thai Kon La Khrueng’ stimulus programme that has boosted domestic tourism in Hua Hin and Pattaya.

She added that AWC’s partnership with a global network of more than 710 million travellers has pushed direct bookings to nearly 70 per cent, with strong forward bookings in key markets including Chiang Mai, Samui, Krabi, and Pattaya.