Thai Airways International reported a net profit of 2.2 billion baht ($62.6 million) for the April-June quarter, a significant improvement from the 3.2 billion baht net loss in the same period last year.

The airline’s turnaround was driven by increased demand for flights to China and Japan, as well as strong performance on routes to Europe and Australia.

Thai Airways is on track to complete its restructuring by 2024 and plans to relist on the Thai stock exchange to raise fresh funds. The company has also formed partnerships with Turkish Airlines and Singapore Airlines to enhance its operations and expand its reach.

The Thai government anticipates a surge in tourism, with a projected increase in international arrivals to almost 30 million in 2023, driven by the return of Chinese travelers and efforts to attract visitors from the Middle East.

Thai Airways International (THAI) is expected to exit its court-sanctioned rehabilitation plan ahead of schedule, with a projected departure in mid-2024, driven by consistently improving performance and recovery in the tourism sector.

THAI and its subsidiary, Thai Smile Airways, have reported profits for four consecutive quarters, with the second quarter of this year recording the airline’s highest profit in two decades, indicating strong financial progress.

With plans to register on the stock market and confidence in managing its debts, THAI aims to settle all debts by the end of 2031, positioning the airline for a stable resurgence in the coming years.