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Thai Airways reports US$43 million quarterly profit
November 13th 2023
Thai Airways International (THAI) has reported net profit of 1.5 billion baht (US$43 million) for the three months to September 30 2023, returning to profitability from a net loss of 4.8 billion baht in the same three months in 2022. Read More » Operating revenue rose 12.6% to 37 billion baht, THAI said in a regulatory filing. The Star Alliance member said the final three months of 2023 and the first three months of 2024 was expected to be highly competitive as airlines resumed services and utilised aircraft similar to pre-pandemic levels. However, the company cautioned there were headwinds in the outlook. "The slow recovery of Chinese tourists resulted from the country's economic recess, rising fuel price, and costs of overseas ground customer services remain the challenges to THAI in managing yield, optimising expenses, and implementing the organisational transformation plan to complete the processes of debt and capital restructuring as required by the timeframe in the rehabilitation plan," THAI said.
