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Thai Airways International posts net profit for the first nine months of 2021
November 16th 2021
Thai Airways International (THAI) posted a 51.1 billion baht net profit (US$1.56 billion) for the first nine months of 2021 after debt restructuring and the sale of assets and investments. Read More » Total revenue at THAI and its subsidiaries was down by two-thirds compared with a year ago, to 14.99 billion baht, due to a decline in passenger and cargo revenue. Passenger numbers for the nine months were almost 84% lower than the same period in 2020, with load factor at 13.9 %. But expenses also declined by more than half, to 36.48 billion baht. The result was a narrower operating loss for the reported nine months, excluding one-time items of 21.49 billion baht. This was an improvement of 12.46 billion baht, or 36.7%, over last year’s operating loss. Net one-time revenue of 72.56 billion baht came from a range of activities but was mostly was attributable to debt restructuring. In its outlook, THAI said it will continue to drive its business according to the court approved rehabilitation plan and as a “private high quality full-service carrier with a strong Thai brand” as it resumed flights on 36 international routes covering Asia, Europe and Australia. Reports earlier this month said the airline will sell 42 jets and cut almost a third of its workforce to reduce costs. The Bangkok Post quoted Piyasvasti Amranand, a member of a panel overseeing the debt rehabilitation plan, as saying the company had solid financial security with sufficient cash flow until a new loan was procured. The newspaper said the company was waiting to see if the country’s finance ministry, a major THAI shareholder, will provide financial support.
