Thai Airways International today reported a consolidated net loss of 9,117 million baht for the first nine months of this year.
The loss represented a 2,864 million baht increase from the same period last year, said THAI acting president ACM Siwakiat Jayema.
However he said the third quarterly performance of this year showed THAI and its subsidiaries have recorded profits of 1,097 million baht, breaking down to 1,086 million baht generated by THAI, as compared with 6,182 million baht net loss of the third quarter in 2013.
He attributed the loss for the past nine months to the tourism industry which is still not returning normal and tough competition in the industry, particularly from low cost airlines, fleet expansions, and opening of new routes.
As a consequence, THAI suffered a 15% drop in passengers from 16.20 million in the same period last year to 13.77 million this year.
The average number of seats sold per flight slipped to 70%, down nearly 10 percentage points from one year earlier.
He also said the average number of seats sold per flight in the third quarter also slipped to 71.1% from 75.3% last year.
Besides loss from asset depreciation also rose 66.2% or 2,086 million baht higher than last year to 5,237 million baht, he added.
The 3 key barriers to remote working (and how to overcome them)
COVID-19 created the world’s largest remote working experiment and, for many, showed just how possible it was for employees to do their jobs without being at the office.
Digital transformation: what will be the long‑term effect of Covid‑19?
For many businesses, the Covid-19 pandemic was the catalyst for their organisational caterpillar to evolve toward digital transformation. Yet following the crisis, it remains to be seen which companies will emerge with wings – and which will simply be crawling along slightly faster than before.
The outbreak of Covid-19 forced the rapid adoption of remote working practices and an acknowledgment of the importance of digital transformation. Following the pandemic, what will the lasting impact be?
Fitch Ratings Expects Improvement of Thai Corporates’ Credit Outlook
Fitch said the outlook for the food retail sector in 2021 would remain stable as earnings rebound, while the outlook for the building material and power & utilities sectors to be stable in the coming years.
Subscribe via Email
Developing Asia growth set to rebound to 7.3% in 2021 (ADB)
Thailand slow vaccination progress coupled with a surge of infections has prompted Kasikorn Research Centre to lower its growth projection...
Thailand extends the 7,000 baht “Rao Chana” scheme to 33.5 million Thais
The Ministry of Finance said that the new proposal will increase the number of people eligible for the “Rao Chana”...
Bangkok falls 19 places to 49th most expensive location worldwide
Locations reliant on international tourism have seen their rental markets hit especially hard during the pandemic, resulting in some major...
Thai fruit exports to FTA markets up 107 percent
China, Malaysia, Singapore, Indonesia, the Philippines, Hong Kong, Australia and Chile are top importers of Thai fruits, especially fresh durian,...
Digital Revolution and Repression in Myanmar and Thailand
Activists have also proactively published social media content in multiple languages using the hashtags #WhatsHappeningInMyanmar and #WhatsHappeningInThailand to boost coverage...
3 Reasons to Be Optimistic About the Baht Right Now
Probably one of the most important factors for the rise of the Baht is the continued weakness of the US...