Thai Airways Q4 profit almost tripled as tourists started to return to the holiday kingdom.
The carrier’s net income for the three months ending December 31 rose to 11.2 billion baht (US$300 million) from 4 billion baht a year earlier, chief executive officer Chai Eamsiri said on Friday.
Thai Airways Q4 profit to support strong growth in 2023
Operating income for the period was 8.9 billion baht (US$260 million) versus a 2.6 billion baht loss a year earlier, while total revenue jumped almost 370 per cent to 36.9 billion baht.
Chai told in a press briefing…
“The return of Chinese travellers will help support our strong growth in 2023. Demand is so high that we are scrambling to add flights and procure more aircraft.”
Thai Airways plans to exit from court-supervised debt restructuring earlier than scheduled in late 2024 as a rebound in global air travel boosts its cash flow and reduces the need for new loans.
Thai Airways Q4 profit helps rehabilitation plan
The airline, which has posted net losses every year barring two since 2013, filed for bankruptcy protection in 2020 before most creditors agreed to extend terms and cut some payments as part of its US$5.3 billion (180 billion baht) rehabilitation plan.
For the full year, Thai Airways’ operating loss excluding one-time items came in at 4.6 billion baht, down from a 29.2 billion baht deficit in 2021. The company’s net loss for the period was 252 million baht versus a 55 billion baht profit a year earlier, when it booked a one-time gain of about 62 billion baht from a debt restructuring. Total operating revenue in 2022 jumped 342 per cent to 105 billion baht.
New routes, new aircraft
Thailand’s flagship airline expects to carry about 19 million passengers this year, up from nine million in 2022. Total revenue will probably reach 140 billion baht in 2023, he said.
The carrier also said it plans to increase flight frequencies and add new routes, as well as expand its fleet by nine jets in 2023, according to Friday’s statement. Its stock should also be able to resume trading in 2025.
Join the conversation and have your say on Thailand news published on The Thaiger.
Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.
Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.