Thai Airways still flying in the red

Thai Airways International posted a net operating loss of 2.8 billion baht in the second quarter.

Thai Airways International Plc (THAI) continued to lose money in the second quarter of this year but the loss narrowed from a year earlier.

In a statement to the Stock Exchange of Thailand after the market closed on Friday, the national carrier said it lost 3.09 billion baht (1.42 baht a share) in the period to June 30, compared with 5.2 billion in the same period a year earlier. For the first half, the net loss was 381.6 million baht (0.17 baht a share), compared with 2.05 billion the year before.

THAI and its subsidiary companies had a net operating loss of 2.8 billion baht for the second quarter, 965 million baht higher than in the same period the year before.

Acting president Usanee Sangsingkeo attributed the losses to the low season, high competition in the aviation industry and high jet fuel prices as world oil prices rose significantly in the three months to June 30.

However, she said the Thai economy improved from the first quarter, reflected in increased exports, particularly to the United States, Japan, Europe and China.

As well, she said, international tourist arrivals to the country continued to grow, mainly from China, Hong Kong and India.

Average aircraft utilisation, a key industry metric, was 11.5 hours per day, the same as in the second quarter last year. However, the cabin factor, or percentage of available seats sold, declined to 75.8% from 78.5% a year earlier.

The airline carried a total of 5.9 million passengers for the second quarter, little changed from the year before.

The company reported total revenue of 47.23 billion baht for the second quarter, an increase of 2 billion baht or 4.6% year-on-year, attributed to higher revenue from passengers and sales of some properties in the country and overseas.

THAI shares closed down 20 satang at 14.80 baht on Friday in trade worth 59.2 million baht.

Article source: https://www.bangkokpost.com/business/tourism-and-transport/1519398/more-red-ink-at-thai

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Translate This Page ยป