Connect with us

Thailand

Thai Airways’ profits dive 83% year-on-year

Published

 on 

Thai Airways has had an 83% dive in profits for the first quarter of 2019. The Q1 balance sheet came out yesterday.

The airline’s management is blaming the high baht, the ongoing US-China trade wars and the closure of Pakastani airspace (forcing rerouting of its Eurpean flights), for the drop.

• Net profit of 456 million baht, down from a 2.7 billion baht profit in the first three months of last year

• Revenue of 49.7 billion baht, down 6.9% on the same period last year

The Thai Airways President Sumeth Damrongchaitham is laying the blame at the strong appreciation of the baht against major currencies saying it makes it impossible for the airline to raise air ticket prices.

Quoted in the Bangkok Post, he said… “Although the baht’s appreciation helped lower some expenses, including loan payments and lease payments for aircraft and engines, this benefit remains minimal.”

He also cited the ongoing trade spat between the US and China taking a toll on the airline’s cargo business, which saw earnings drop 12.9%.

In February, following Pakistani border stoushes with India, Thai Airways aircraft needed to make detours for their European traffic, which pushed up fuel costs, according to Mr Sumeth.

The airline plans to sell products on its website and mobile app in September to increase revenue.

 

Get more from The Thaiger

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.

If you have story ideas, a restaurant to review, an event to cover or an issue to discuss, contact The Thaiger editorial staff.

Follow Thaiger by email:

Politics8 hours ago

Vladimir Putin officially annexed four parts of Ukraine

Transport10 hours ago

Phuket Airport officials pulled tourist from van, insisted they use airport taxi

Thailand11 hours ago

Thailand’s strange laws – 10 strange laws in Thailand

Sponsored2 days ago

10 Best Seed Banks that Ship Cannabis Seeds Discreetly to You (Free US Shipping)

Politics12 hours ago

The long goodbye – Which way now for PM Prayut?

Pattaya12 hours ago

Pattaya Police Chief cleared of vice slurs, back on duty

Tourism13 hours ago

Reopening Thailand has a busy activity schedule

Join the conversation on the Thaiger Talk forums today!
Tourism13 hours ago

Today is the day! Full post-pandemic Thailand reopening

Pollution15 hours ago

Garbage in canals is worsening flooding in Bangkok

Weather15 hours ago

Hurricane Ian lashes South Carolina

Tourism16 hours ago

5-star squatters evicted from Layan Beach

Video16 hours ago

All you need to know about Thailand’s Vegetarian Festival

Protests17 hours ago

Anti-Prayut rallies expected across Bangkok

What you get for $X1 day ago

What $100,000 buys you for a condo in Bangkok, Phuket, Pattaya, Koh Samui and Hua Hin

Thailand1 day ago

Thailand News Today | Activists plan protests all across Thailand

Thailand1 day ago

Snitching on parking space hoggers could earn you 5,000 baht in Thailand

Thailand1 year ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand2 years ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism2 years ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket2 years ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism2 years ago

Phuket Thai food treats you need to try | VIDEO

Thailand2 years ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism2 years ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending