Release date: November 10, 2023 10:16
Thai Airways aircraft at Suvarnabhumi Airport, Samut Prakan province, September 26, 2023 (Photo: Varuth Hirunyatheb)
Thai Airways International (THAI) reported its fourth consecutive quarterly profit as passenger numbers continued to improve amid the impact of Covid-19 and further momentum from travelers from China.
Net profit for the three months to September was 1.54 billion baht ($43 million), rebounding from a loss of 4.79 billion baht in the same period a year earlier, the company said in an exchange filing on Friday.
Passenger numbers reached 3.27 million, a 22% increase compared to the same period last year, when Thailand was just beginning to ease coronavirus travel restrictions. Despite the slow tourism season, the number of visitors from China rose 13% from the previous quarter to 1.05 million, according to government data.
Thai Airways plans to complete its court-supervised debt restructuring ahead of schedule at the end of 2024, as a recovery in global travel and Thailand’s easing of visa rules will boost revenue and cash flow. The company has posted losses in all but two years since 2013 and filed for bankruptcy protection in 2020. Most creditors agreed to an extension of time and a cut in interest repayments as part of the rehabilitation plan.
The national carrier’s operating profit, excluding finance costs and one-time items, rose 97% last quarter to 7.72 billion baht.
The company is still working on a court-supervised debt restructuring after undergoing a drastic restructuring during the coronavirus pandemic, including cutting its workforce in half.
Thai Airways International is currently in the midst of rebuilding its operations, with its fleet now down to around 65 aircraft, down from 103 before the pandemic.
