provides some important financial data and ratios for the company. Because of the
participation of many low cost airlines, Bangkok Airways witnessed declining revenue growth
from 28 -30% in 2003 -2005 to 5.5 % in 2006-2008. Also, the net income of the firm has been
declining; especially the firm had the foreign exchange loss of 201 Million Baht in 2005. In 2007,
the firm has selling and administrative expenses at 15% higher than the previous year that
made the net income much lower than that of 2006. The high expenses resulted from the
higher oil price. In 2008, the firm had loss for the first time during six years. The loss was due to
the higher oil price and the higher aircraft rental because the firm acquired four additional
aircraft. The firm has the equity of 1,200 Million Baht. The variation in the equity is due to the
effect of the revaluation of investments. The focal point from now on is the low profitability of
the firm due to the higher oil price and the decreasing revenue growth rate.