News
Restructuring lifts Thai Airways International to statutory annual profit
March 1st 2022
Thai Airways International (THAI) has reported a net profit of 55.1 billion baht (US$1.7 billion) for the 12 months to December 31, jumping back to profitability from a net loss of 141.2 billion baht in the previous year. Read More » The statutory result was boosted by a 61.8 billion baht gain from debt restructuring efforts under its business rehabilitation plan and a 40.4 billion baht, or 48.2% reduction, in operating expenses during the year. When one-off items and finance costs were excluded, THAI posted a loss of 19.7 billion baht, an improvement from a 35.4 billion baht loss in 2020. "THAI has a strategy to drive the business according to the business rehabilitation plan approved by the court on June 15, 2021. Its new vision is of a high quality airline that will provide full service with the strength of the Thai identity connecting Thailand to the world. It is intended to continually generate good profit margins by focusing on the customer as the centre of commercial excellence while achieving cost competitiveness and high efficiency in operations and safety," THAI said.
