Major airlines in Thailand have reported positive business results during the first quarter, as foreign tourists have flocked back to Southeast Asia’s second-largest economy in large numbers.
Thai Airways posted a net income of 12.51 billion baht ($370 million) during the first quarter, rebounding from a net loss of 3.25 billion baht a year earlier, Bangkok Post reported.
Bangkok Airways’ net income was 875 million baht versus a net loss of 1.02 billion baht in the same quarter last year.
Thailand received 8.6 million foreign arrivals in January-April, around one-third of the full-year target.
The Thai government estimates that between 25 to 30 million people will arrive in 2023.
The country is targeting high-spending visitors from the Middle East in the second half of this year as a potential new growth engine.