Business Round-Up
Lifeline for THAI
October 1st 2014
Thai Airways International (THAI) is struggling to make ends meet and has embarked on a restructuring mission aimed at turning its fortunes around after a net loss of 7.654 billion baht (US$236 million) in second-quarter 2014, more than double its 2.899 billion baht loss in the year-ago period, and the fifth consecutive quarter of losses for the legacy carrier. Read More »
The Bangkok Post says Thailand’s Finance Ministry has asked the Government Savings Bank (GSB) to lend 87 billion baht to THAI, without collateral, to keep the carrier in the skies throughout September.
The loan is likely to be approved, when the GSB is holding its next board meeting, said GSB board chairman Somchai Sajiapongse.
In other news, THAI said it has reduced its fuel hedging for the rest of the year to 50% of fuel needs compared with 90% late last year, as global oil prices look to remain largely stable.
