losses
- World News
Shanghai man loses 15 kilogrammes due to rare disorder
A Shanghai man suffered a dramatic weight loss of 15 kilogrammes as a result of a rare swallowing disorder, as revealed by a Chinese media report. The individual, identified only by the name of Jiang, experienced severe vomiting and chest pain when attempting to ingest anything more solid than a grain of rice, prompting a visit to a Shanghai hospital.…
- Business News
Thai banks’ loan jitters: ITD woes prompt provision provisions
Two major Thai banks, Siam Commercial Bank (SCB) and Krungthai Bank (KTB), have set aside provisions for possible loan losses related to Italian-Thai Development Plc (ITD), one of the nation’s foremost contractors. Provisions have been determined using a forward-looking expected credit loss (ECL) framework, according to Arthid Nanthawithaya, chief executive of SCB X, SCB’s holding company. Despite economic uncertainties and…
- Thailand News
Royal Thai Air Force faces job loss concern over golf course handover
The head of the Royal Thai Air Force (RTAF) expressed concerns over potential job losses that could result from the return of two military golf courses to the government. The Kantrarat and Thupatemi golf courses, which provide welfare services to military personnel, are currently under the scrutiny of the military commission, which suggests that such facilities should be managed by…
- World News
Wedding venue vandalism: Thai event company suffers 500,000 baht loss
An outdoor wedding venue in Jiangsu province, China, was stripped bare overnight, leaving the event organisers aghast and with an estimated 51,000 baht in losses. The preparation of the venue by the event company had taken seven hours, starting at 8pm and ending at 3am the following day. By the time staff returned at 7am, the place was unrecognisable, with…
- World News
Wine flood submerges Portuguese town after 2.2 million-litre tanks bursts
Portugal experienced an unusual flood of red wine when approximately 2.2 million litres burst from storage tanks on September 10, flowing downhill through the town of Sao Lourenco do Bairro in central Anadia. The wine combined with the natural slope of the area created a startling spectacle reminiscent of a forest river, much to the bewilderment of the locals. The…
- Transport News
Airport Rail Link suffers 70 million baht monthly loss amid 25% commuter drop
The State Railway of Thailand (SRT) reports that the Airport Rail Link (ARL) service has been losing 70 million baht per month, as it continues to carry fewer passengers than before the pandemic in 2019. To address long-standing operational issues, the SRT chose to involve a private company, Asia Era One, in managing rail operations during the pandemic. An agreement…
- Business News
Disney reduces streaming losses but sheds subscribers as earnings meet expectations
Walt Disney has reported a reduction in streaming losses by US$400 million from the previous quarter; however, the company also experienced a drop in subscribers. The entertainment giant shared this information on Wednesday as part of its recent quarterly earnings release, which fell in line with Wall Street expectations. Following the report, shares of Disney declined by 4.4% during after-hours…
- Business News
Thai Airways adds another 21.5 billion baht debt in Q3 report
Thai Airways has accumulated more losses, on top of a decade of annual losses, for the latest quarter. At the moment the national airline’s debt is four times higher than last year’s debt. The airline, already struggling, has been mostly grounded since the end of March. At the end of last week Thai Airways put 34 of its old planes…
- Tourism News
Nearly 5,000 Thai Airways staff to deplane in voluntary resignations
Officially, 4,977 staff at Thai Airways have applied for different stages of its Mutual Separation Plan for the survival of the airline. In other words they’ve been politely asked to resign. The airline employs about 20,000 people. The beleaguered national carrier has endured a decade of substantial losses, endless headlines about systemic corruption, padded senior staff contracts and executive perks.…
- Covid-19 News
Thai Air Asia posts huge Q2 loss as their fleet struggles back into the skies
Despite many of Thailand’s discount airlines taking to the skies again, all airlines are still in the financial doldrums as they battle travel restrictions, a risk-averse flying public and closed international borders. Now Asia Aviation, major shareholder of Thai AirAsia, has announced revenue of 2,221 million baht and a net losses of 1,210.6 million baht for Q2 2020. The net…
- Economy News
UPDATE: SET suspends trading of Thai Airways shares
UPDATE: Trading in Thai Airways shares was suspended by the Stock Exchange of Thailand this afternoon after auditors declined to sign off on its financial statements for the six months to June 30. Auditor Deloitte Touche Tohmatsu Jaiyos said it couldn’t reach a conclusion on the statements due to issues including a lack of liquidity and debt defaults, which created…
- Economy News
Thai Airways loses 28 billion baht in the first half of the year
Embattled, bankrupt Thai Airways suffered about 28 billion baht in losses for the first 6 months of this year, mainly attributable to the Covid-19 pandemic, which has seriously impacted its operations and crushed global travel, grounding fleets and shuttering many airlines altogether. The airline’s acting president said today that the pandemic has led to many countries, including Thailand, closing their…
- Transport News
Thai Airways ponders bankruptcy as it enters rehab
Thai Airways, which turns 60 years old this month, recorded a net loss of US$66 million in 2017, US$361 million in 2018 and US$374 million last year. As the airline contemplates getting its grounded planes back in the air, it’s now confronted with a PR disaster at home as the government ponders a bailout valued around 60 billion baht, around US$1.8…
- Transport News
Thai public balks at Thai Airways’ 60 billion bail out
A big decision is on the horizon for Thai Airways, the beleaguered national carrier. Crucial decisions are now being discussed which will define the airlines’ future. The airline was still haemorrhaging cash well before the coronavirus crisis started grounding planes from the start of February this year. Thai Airways’ fortunes have been in a death spiral for the past decade,…
- Economy News
“Thai Airways will survive”. Emergency meeting next Wednesday.
“Thai Airways will not collapse. The fact that Deputy PM Somkid stepped in to handle the issue means the government will rescue it.” It’s no secret that Thailand’s national carrier has been a financial basket case for over a decade, bleeding money and marketshare as the years pass. The top-heavy Thai company is bailed out by the Thai government each…
- Business News
Thai Airways announces losses over 12 billion baht for 2019
Thai Airways International and its affiliates incurred a net loss of 12.017 billion baht last year, that’s 448 million baht more than the year before. The airline has been accumulating losses year on year for over a decade. Speaking about the losses at the announcement yesterday, the vice president of finance and accounting Nattaphong Smit-Ampaisal says that the airline was…
- Business News
Thai Airways considers leasing planes and outsourcing cabin staff
In its attempts to restructure the legacy national airline, senior staff of Thai Airways may lease aircraft and cabin staff. The plans are part of fleet and service improvement options as demanded by the Thai Government who had to find 11.1 billion baht over the first 9 months of 2019 to keep the national airline in the skies. According to…
- Transport News
Thai Airways’ losses reach 11 billion baht this year
Thai Airways International has announced the turnover of the company and its affiliates for Q3 of 2019, reporting net losses of 4.68 billion baht, a full 27% higher than last year’s result, an additional loss of 994 million baht. In the third quarter of 2019, the company and its affiliates generated revenue of 45.016 billion baht, which is 6.1% or…
- Transport News
Thai Airways to take six months to review purchase of new planes
“The airline has also been hesitant to address its middle management glut, long-term and uncompetitive employment contracts and accusations of nepotism in senior management.” Thai Airways says it’s going to review its planned fleet-expansion plans to buy 38 new planes. Officially, they’re saying they’re “considering funding sources” and claim the review will take six months. Nearly two years ago they announced…
- Opinion
Saving Thai Airways
PHOTO: The pleasant smile and wai won’t fill aircraft seats anymore Whilst it’s always a generally pleasant experience flying Thai Airways, the airline, in a business sense, is a basket case racking up nearly a decade of losses, first under the Yingluck Shinawatra Government and then the military government of the NCPO. Most people in aviation circles agree on the…
- Business News
Thai Airways says it will stick to ‘rehabilitation plan’ despite 11.6 billion baht loss in 2018
It hasn’t been a good week for Thai Airways as the national airline continues to fly passengers to their original destinations days after flights were cancelled and rescheduled due to Pakistan airspace closures. Even yesterday Thai Airways was reporting a backlog of up to 2,000 passengers they were hoping to clear before the end of this weekend. Meanwhile, it emerged…
- Business News
Thai Airways doubles up on 2017 losses
Thai Airways has doubled up on losses for the past three months (Q3), compared to the same period last year. They’ve reported an operating loss of 3.69 billion baht, up 103% year-on-year. The total revenue was actually up 2.2%, according to a statement from the Thai Airways president, Sumeth Damrongchaitham, but the operating costs were up 1.87 billion baht, compared…
