Airline News
THAI posts quasi-profit, approves new president
November 18th 2014
Thai Airways International (THAI) has posted a third-quarter net profit of 1.09 billion baht ($33.2 million) helped by significant foreign exchange gains totalling 7.4 billion baht. Read More »
Meanwhile, THAI’s operating loss for the period ended September 30 amounted to 5.24 billion baht, up from the 3.2 billion baht deficit it incurred in the same period last year.
Looking ahead, THAI says it is confident it will post an operating profit in the fourth quarter as cost-cutting and network consolidation measures, increases in advance bookings and peak travel season factors start to show on its balance sheet.
In other news, Charamporn Jotikasthira, ex-president of the Stock Exchange of Thailand, was last week approved by THAI’s board as its new president, and is set to upgrade the airline’s information-technology systems and attempt to rescue it from its financial crisis now in its sixth consecutive quarter.
Charamporn – a degree holder from the Massachusetts Institute of Technology and Harvard – will be the fourth president at THAI in a little over six months, taking over from current acting president Siwakiat Jayeme.
He is expected to start next month, subject to approval by Thailand’s Ministry of Finance as THAI is state-controlled.
Charamporn will oversee the carrier’s 4 billion baht ($126 million) restructuring and cost-cutting programme, which includes a plan to shed 6,000 jobs – more than a quarter of its full-time employees – by 2018.
