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Hua Hin
Tuesday, February 27, 2024

THAI Says Profits Are Back to Pre-Covid Levels

Since the tourist business has started to improve again, Thai Airways International (THAI) has announced that its monthly income is nearly at pre-pandemic levels.

As reported by interim CEO Suvadhana Sibunruang, THAI has restarted around 70% of its international flights with a cabin factor (passenger load factor) of 85%.

Suvadhana stated that the improved load factors help the airline generate roughly 12 billion baht per month, down from 15 billion baht per month before the epidemic.

The interim CEO of THAI said that the airline has been profitable again since May, having reduced expenditures and expenses, found new sources of revenue, and reduced its fleet size from 103 to 61 aircraft following its bankruptcy filing in 2020.

Thailand reported a debt of almost 400 billion baht in 2021. Nonetheless, a revised rehabilitation plan was approved by creditors in September due to a quicker-than-expected revival of the country’s tourism economy. As a result of the changes made to the rehabilitation plan, Thailand will be able to borrow just 25 billion baht by 2024, instead of the 50 billion baht that was initially anticipated.

Suvadhana elaborated by saying that if profitability is restored, the Thai stock market would open again by 2025 at the latest.

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february, 2024