Thai Airways Q4 loss narrows

Profit close as tourists return to holiday kingdom

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…

Related news

“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.

Business NewsThailand NewsTourism NewsTransport News

Jon Whitman

Jon Whitman is a seasoned journalist and author who has been living and working in Asia for more than two decades. Born and raised in Glasgow, Scotland, Jon has been at the forefront of some of the most important stories coming out of China in the past decade. After a long and successful career in East sia, Jon is now semi-retired and living in the Outer Hebrides. He continues to write and is an avid traveller and photographer, documenting his experiences across the world.

Related Articles