Thailand’s first unicorn Flash Express posted a net loss of 2.19 billion baht ($62 million) in 2022, returning to the red after its first profitable year in 2021, as the country’s logistics players battled higher fuel costs and rising competition.
The Bangkok-based fast courier company posted its first net profit of 5.6 million baht ($163,323) in 2021, according to its latest financial statement accessed by DealStreetAsia from a Ministry of Commerce website.