Executive Summary
STARLUX Airlines delivered a robust top-line in QQ2 2025 with revenue of 10,769.56 million TWD, marking a material year-over-year uplift and sequential growth per the dataset. The quarter shows a strong EBITDA contribution of 3,116.39 million TWD and an EBITDAR of 28.9% of revenue, underscoring that the business is generating meaningful operating cash flow at the earnings level despite a modest reported net income.
However, bottom-line profitability remains thin. Net income was 8.36 million TWD, with an implied net margin near zero, as depreciation and amortization (2,779.52 million) and interest expense (348.34 million) exert substantial non-cash and financing pressures. The company recorded an income-before-tax of -169.79 million TWD before tax effects, and income tax of 178.15 million TWD, suggesting a non-operating tax impact or one-off items influencing the tax line in this quarter.
Overall, STARLUX demonstrates solid revenue growth and a resilient EBITDA framework in QQ2 2025 but must translate its operating discipline into stronger bottom-line performance. The absence of explicit forward guidance in the provided materials adds an element of execution risk as macro conditions and fuel price volatility remain key internal and external risks. Investors should monitor unit economics (cost per available seat, load factor, yield), fleet investment cadence, and the sustainability of tax treatment that affected reported net income.
Key Performance Indicators
QoQ: 100.00% | YoY:158.34%
QoQ: 100.00% | YoY:102.76%
QoQ: 100.00% | YoY:31.70%
QoQ: 100.00% | YoY:-93.98%
QoQ: 100.00% | YoY:-94.91%
Key Insights
Revenue: 10,769,556,000 TWD; YoY: 158.34%; QoQ: 100.00% (per dataset). Gross Profit: 1,590,285,000 TWD; YoY: 102.76%; QoQ: 100.00%. Gross Margin: 14.77%.
Operating Income: 333,394,000 TWD; YoY: 31.70%; QoQ: 100.00%. Operating Margin: 3.10%.
EBITDA: 3,116,387,000 TWD; Margin (EBITDA): 28.94% of Revenue.
Total Other Income/Expenses Net: -503,179,000 TWD.
Income Before Tax: -169,785,000 TWD; Tax Expense: 178,145,000 TWD; Net Income: 8,359,999 TWD; Net Margin: 0.08%.
EPS: 0.0028 TWD; Diluted EPS: 0....
Financial Highlights
Revenue: 10,769,556,000 TWD; YoY: 158.34%; QoQ: 100.00% (per dataset). Gross Profit: 1,590,285,000 TWD; YoY: 102.76%; QoQ: 100.00%. Gross Margin: 14.77%.
Operating Income: 333,394,000 TWD; YoY: 31.70%; QoQ: 100.00%. Operating Margin: 3.10%.
EBITDA: 3,116,387,000 TWD; Margin (EBITDA): 28.94% of Revenue.
Total Other Income/Expenses Net: -503,179,000 TWD.
Income Before Tax: -169,785,000 TWD; Tax Expense: 178,145,000 TWD; Net Income: 8,359,999 TWD; Net Margin: 0.08%.
EPS: 0.0028 TWD; Diluted EPS: 0.0028 TWD. Weighted Avg Shares: 2,978,268,257.
Notes: The data show a strong EBITDA base but limited bottom-line earnings due to significant depreciation and financing costs. The provided four-quarter view indicates variability across quarters (Q1 2025 revenue of 11,194,390,000 TWD vs Q2 2025 revenue of 10,769,556,000 TWD) suggesting seasonality or mix shifts. Management commentary on tax treatment or one-off items appears to influence the tax line.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
10.77B |
158.34% |
100.00% |
| Gross Profit |
1.59B |
102.76% |
100.00% |
| Operating Income |
333.39M |
31.70% |
100.00% |
| Net Income |
8.36M |
-93.98% |
100.00% |
| EPS |
0.00 |
-94.91% |
100.00% |
Management Commentary
Transcript content not provided in the prompt. As a result, no management quotes or theme-by-theme insights from the earnings call can be generated. The following is a placeholder outline to be filled if transcript access becomes available:
- Strategy and growth initiatives: assessment of route network expansion, fleet utilization, and ancillary revenue opportunities.
- Operations: load factors, schedule optimization, and cost discipline (non-fuel vs. fuel costs).
- Market conditions: demand resilience in Taiwan and intra-Asia travel.
- Financials: commentary on tax treatment, depreciation cycles, and financing arrangement affecting net income.
Forward Guidance
No explicit forward guidance was provided in the QQ2 2025 release. Sector dynamics suggest continued sensitivity to fuel prices, currency fluctuations, and passenger demand recovery, particularly in domestic Taiwan and regional short-haul routes. Investors should monitor: (1) load factor and yield per passenger as demand normalizes, (2) unit cost ex-fuel trends and the impact of continued fleet investments, (3) capital expenditure cadence and its effect on depreciation/amortization and financing costs, and (4) potential changes in tax treatment or incentives that could affect reported net income. Given the EBITDA strength versus weak net income, a key watch factor is whether STARLUX can convert EBITDA into stronger after-tax earnings and improve cash conversion through working capital optimization and capex discipline.