Popular Post webfact Posted March 2, 2020 Popular Post Share Posted March 2, 2020 THAI losses Bt12 billion in 2019 By THE NATION Thai Airways International (THAI) and its affiliates witnessed a net loss of Bt12.017 billion in 2019, Bt448 million – or 3.9 per cent – higher than the previous year, the airline announced today (March 2). This translates to Bt5.52 loss per share, Bt0.19 higher than the previous year, or 3.6 per cent. Vice president of finance and accounting Nattaphong Smit-Ampaisal said that in 2019 the company was affected by several negative factors, including a slowdown in global economic expansion, the US-China trade war, natural disasters, the strengthening of the baht – which was the highest in six years – as well as a price war with other airlines. “Furthermore, the company and its affiliates had to set aside Bt2.689 billion as a reserve fund for employees who wished to retire early,” he said, referring to the State Enterprise Labour Committee’s announcement that requires state enterprises to pay early retirement packages equal to 400 days of wages to employees who had been working more than 20 years, from the previous requirement of 300 days. The regulation came into effect at the start of the third quarter of 2019. According to Nattaphong, in 2019 THAI and its affiliates earned Bt184.046 billion in revenue, Bt15.454 billion lower than the previous year, or 7.7 per cent. “The revenue from passenger and cargo transport decreased by 8.6 per cent, or Bt15.767 billion, while the total expenditure stood at Bt196.470 billion, Bt12.088 billion, or 5.8 per cent, lower than last year.” Nattaphong attributed the drop in expenditure to decreasing fuel cost by 9 per cent, or Bt5.421 billion. THAI and its affiliates have 103 planes in operation, with an aircraft utilisation rate of 11.9 hours per day, lower than the previous year’s 12 hours per day. The reported cabin occupancy factor in 2019 was 79.19 per cent, higher than the previous year at 77.6 per cent, with 24.51 million passengers, an increase of 0.8 per cent from the previous year. As of December 31, 2019, THAI and its affiliates possessed total assets of Bt256.665 billion, Bt12.056 billion lower than in 2018, or 4.5 per cent. Total debt in 2019 stood at Bt244.899 billion, Bt3.366 billion lower than the previous year, or 1.4 per cent. Shareholders’ equity was Bt11.766 billion – Bt8.69 billion, or 42.5 per cent, lower than the previous year. Related story: Temporary salary cut for THAI boss, top execs Source: https://www.nationthailand.com/business/30383163 -- © Copyright The Nation Thailand 2020-03-03 Follow Thaivisa on LINE for breaking Thailand news and visa info 4 Link to comment Share on other sites More sharing options...
Chazar Posted March 2, 2020 Share Posted March 2, 2020 Hilarious, is it any wonder Thailand doesnt want foreigners working here to decimate their "businesses" 2 Link to comment Share on other sites More sharing options...
Popular Post scorecard Posted March 2, 2020 Popular Post Share Posted March 2, 2020 20 minutes ago, Chazar said: Hilarious, is it any wonder Thailand doesnt want foreigners working here to decimate their "businesses" There's been more recovery plans than hot dinners in the last several years, in reality all of these plans involved any real biting change. Just move the chairs around the table and band-aids. End result, for 2019 the loss is ever worse than previous years. Clearly the management are incompetent. Until they are changed with folks who are highly experienced and knowledgeable and have good past track record and have the authority to go back to the drawing board and make never seen before changes there is no hope. I wonder how many military people are still on the Thai board? I wonder how many folks are still entitled to freebies? 11 1 1 Link to comment Share on other sites More sharing options...
Popular Post jabis Posted March 2, 2020 Popular Post Share Posted March 2, 2020 1 hour ago, webfact said: as well as a price war with other airlines. Yeh, the war of quoting the highest price on any viable route with oldest fleet 1 hour ago, webfact said: As of December 31, 2019, THAI and its affiliates possessed total assets of Bt256.665 billion, Bt12.056 billion lower than in 2018, or 4.5 per cent. Total debt in 2019 stood at Bt244.899 billion, Bt3.366 billion lower than the previous year, or 1.4 per cent. Shareholders’ equity was Bt11.766 billion – Bt8.69 billion, or 42.5 per cent, lower than the previous year. 256(assets)-(244(debts) + 11(payouts)) = 1 billion baht left on the balance sheet 5 3 Link to comment Share on other sites More sharing options...
ezzra Posted March 2, 2020 Share Posted March 2, 2020 What do they care, not their money, and the rort and mismanaging still continue on a colosul magnitude... 2 Link to comment Share on other sites More sharing options...
Popular Post GinBoy2 Posted March 2, 2020 Popular Post Share Posted March 2, 2020 We go around and around this topic endlessly, and I'll probably be long since turned to dust before it's resolved. TG is a trophy project for ex military and the HiSo's, it doesn't really operate in the real business world. In any real company, and I use that word loosely when referring to TG it would have been bankrupted and gone out of business years ago. It is the second most indebted airline in the world, yet still in their bizzaro world, increasing debt to buy more aircraft is a way out! Their load factors while not bad, would be fine if you weren't servicing a debt load which is through the roof. You can operate an airline with older aircraft, if they are paid for, so no depreciation on the books with significantly lower load factors that you would have to cover on the balance sheet for new aircraft depreciation. Then you get to purchase/lease. Most airlines have a mix to enable them to adapt quicker to market/route changes without incurring massive capital investment. Not TG of course, gotta buy those trophy aircraft! I bet those A380's don't look so good now, especially as the likes of SQ & LH are quite happily returning them to the leasing company after a few years of not being able to make them profitable. You could could on and on about the ineptitude of TG management, but it's all for nothing 13 1 Link to comment Share on other sites More sharing options...
Popular Post PatOngo Posted March 2, 2020 Popular Post Share Posted March 2, 2020 Just how smooth IS silk? 3 Link to comment Share on other sites More sharing options...
Popular Post steven100 Posted March 2, 2020 Popular Post Share Posted March 2, 2020 5 minutes ago, PatOngo said: Just how smooth IS silk? It's pretty rough at the moment ... more like sand paper 5 1 1 Link to comment Share on other sites More sharing options...
RichardColeman Posted March 3, 2020 Share Posted March 3, 2020 3 hours ago, webfact said: “Furthermore, the company and its affiliates had to set aside Bt2.689 billion as a reserve fund for employees who wished to retire early,” Ah, the old runaway quickly clause 1 Link to comment Share on other sites More sharing options...
Popular Post 30la Posted March 3, 2020 Popular Post Share Posted March 3, 2020 It's time to change all the management or sell the company ... 5 Link to comment Share on other sites More sharing options...
Pravda Posted March 3, 2020 Share Posted March 3, 2020 8 paragraphs of excuses. 1 Link to comment Share on other sites More sharing options...
fruitman Posted March 3, 2020 Share Posted March 3, 2020 4 hours ago, webfact said: the strengthening of the baht – which was the highest in six years They mean the highest in 20 years! And they do nothing to stop it. Link to comment Share on other sites More sharing options...
Popular Post englishoak Posted March 3, 2020 Popular Post Share Posted March 3, 2020 Never fly Thai, its a substandard overpriced badly run airline... it gets what it deserves. 10 Link to comment Share on other sites More sharing options...
christophe75 Posted March 3, 2020 Share Posted March 3, 2020 It's not 2019 that is important. Just another normal year for Thai airways : AKA bad performances, debts, stupid management, bad services, and losses etc. It's 2020 that will count. The Wuwuflu virus is, like as said, a destroyer of worlds... Financial ones... Asian airlines are currently slaughtered (because of the sudden chinese virus)... But imagine if the situation continues (we are almost at end of Q1)... and worsens ? More routes closed. Less and passengers. Then even the mighty generals will have to bury themselves Thai Airways. To avoid a total loss of face the brand will probably perdure. To sale... airplane models. Link to comment Share on other sites More sharing options...
Popular Post terryw Posted March 3, 2020 Popular Post Share Posted March 3, 2020 Last week I bought a return ticket to Manchester on Turkish airlines for about 500 GBP. Thai was more than 200 GBP more expensive. That sums up their problem. 3 Link to comment Share on other sites More sharing options...
Popular Post justin case Posted March 3, 2020 Popular Post Share Posted March 3, 2020 as long as they get TAX payers money for their high salaries and cronies + family fly around the world for free, there is no need to change anything just ask more money 4 Link to comment Share on other sites More sharing options...
Popular Post hotchilli Posted March 3, 2020 Popular Post Share Posted March 3, 2020 Any other venture would have axed the board, replaced the upper management, cut-out all the freebies, trimmed the staff... so on and so on... But this is run as a club for the elite shareholders who enjoy great financial backing. 3 Link to comment Share on other sites More sharing options...
BobbyL Posted March 3, 2020 Share Posted March 3, 2020 Absolute abomination of a company. 2 Link to comment Share on other sites More sharing options...
Sydebolle Posted March 3, 2020 Share Posted March 3, 2020 No, it is not Thai Airways but the Thai Taxpayer who subsidized this inefficient corrupt airline with no end in sight ....... simple as that! 1 Link to comment Share on other sites More sharing options...
mercman24 Posted March 3, 2020 Share Posted March 3, 2020 like the one, PRICE WAR, when did they enter that then? typical thai thinking, no customers, lets put the prices up, result even less customers 2 Link to comment Share on other sites More sharing options...
Katipo Posted March 3, 2020 Share Posted March 3, 2020 https://www.iata.org/en/pressroom/pr/2019-06-02-01/ 2019 saw a decline in profits... but there were still profits..... except in Thai airways case. All the excuses they give might explain why things might not be as good as they could be, but don't explain why things are incredibly bad as they are, year after year. 2 Link to comment Share on other sites More sharing options...
Assurancetourix Posted March 3, 2020 Share Posted March 3, 2020 2 minutes ago, justin case said: + family fly around the world for free I think most airlines do the same thing. In any case Air France and Air Inter have been doing this for a very long time. Air Inter was absorbed by Air France at the end of December 1997. BUT these "special" passengers have no priority over the passengers who normally pay their seats. One of my uncles was captain on Mercury airplane at Air Inter; he flews over a good part of Europe and the countries around the Mediterranean. he and his family were very often denied boarding as passengers because the plane was already full with paying passengers. and there is no question of leaving a paying passenger on site to give his seat to a passenger paying only 10% of the seat. Link to comment Share on other sites More sharing options...
Popular Post madmitch Posted March 3, 2020 Popular Post Share Posted March 3, 2020 If they think 2019 was bad............ But can someone please explain how the US/China trade war has an effect on THAI's results? They do seem to use this as an excuse for many things. 3 Link to comment Share on other sites More sharing options...
trainman34014 Posted March 3, 2020 Share Posted March 3, 2020 No doubt a suitably downsized figure for Public consumption ! Link to comment Share on other sites More sharing options...
Popular Post trainman34014 Posted March 3, 2020 Popular Post Share Posted March 3, 2020 10 minutes ago, Assurancetourix said: I think most airlines do the same thing. In any case Air France and Air Inter have been doing this for a very long time. Air Inter was absorbed by Air France at the end of December 1997. BUT these "special" passengers have no priority over the passengers who normally pay their seats. One of my uncles was captain on Mercury airplane at Air Inter; he flews over a good part of Europe and the countries around the Mediterranean. he and his family were very often denied boarding as passengers because the plane was already full with paying passengers. and there is no question of leaving a paying passenger on site to give his seat to a passenger paying only 10% of the seat. Can just imagine Thai Hi So family turning up and being denied boarding as Plane full; they would turf off the whole Plane load just to make sure they got the best seats. You no unerstan' Thailand ! 3 1 6 Link to comment Share on other sites More sharing options...
Popular Post kingstonkid Posted March 3, 2020 Popular Post Share Posted March 3, 2020 19 minutes ago, justin case said: as long as they get TAX payers money for their high salaries and cronies + family fly around the world for free, there is no need to change anything just ask more money That is the problem. The solution is simple. Privatize the company leave the government 10% sell 2 planes to the airforce for government use. Any government officials flying on Tg pay 90% price. Once you get the tax payer out of the equation it will be profitable. Canada had air Canada losing money sold it and now it is doing well. 3 Link to comment Share on other sites More sharing options...
Creasy Posted March 3, 2020 Share Posted March 3, 2020 Happened to their master plan of selling Thai trinkets on the plane to turn the books into black ? Link to comment Share on other sites More sharing options...
Popular Post Assurancetourix Posted March 3, 2020 Popular Post Share Posted March 3, 2020 9 minutes ago, trainman34014 said: Can just imagine Thai Hi So family turning up and being denied boarding as Plane full; they would turf off the whole Plane load just to make sure they got the best seats. You no unerstan' Thailand ! You add water to my mill; The day when Thailand will be a democracy and above all a Rechtsstaat ( "rule of law") , is still far away ... 3 1 Link to comment Share on other sites More sharing options...
Popular Post Sir Swagman Posted March 3, 2020 Popular Post Share Posted March 3, 2020 10 minutes ago, Assurancetourix said: I think most airlines do the same thing. In any case Air France and Air Inter have been doing this for a very long time. Air Inter was absorbed by Air France at the end of December 1997. BUT these "special" passengers have no priority over the passengers who normally pay their seats. One of my uncles was captain on Mercury airplane at Air Inter; he flews over a good part of Europe and the countries around the Mediterranean. he and his family were very often denied boarding as passengers because the plane was already full with paying passengers. and there is no question of leaving a paying passenger on site to give his seat to a passenger paying only 10% of the seat. Free travel to airline ‘employees’ is pretty much a myth. There are some categories within a company which have that as part of a remuneration package, the rest pay a percentage, 10-50% depending on on load priority desired (normally a ‘space available’ basis) and affiliation with a carrier. These discounts are applied to the rack rate fare and usually represent a much smaller discount against available fares to the public. The constant harping about free flights being a cause of lack of profitability is false. TG are still paying for disastrous and questionable commercial decisions made in the ‘90’s and on. Fleet composition, and optional onboard equipment not chosen, reduced their competitive position vs other carriers. Whilst every airline board casts about for ‘reasons’ the bottom line is as it presents, I have yet to hear an honest ‘we got it wrong’ being uttered. Overstaffed, overpriced, outdated and under-utilised equipment are some of the main factors inhibiting this airline. Few are addressed. 4 Link to comment Share on other sites More sharing options...
ivor bigun Posted March 3, 2020 Share Posted March 3, 2020 I flew with Thai a couple of times years ago ,but to be honest its overpriced and not that good,would not ever fly with them ,but hope my nephews stewards job is secure . 1 Link to comment Share on other sites More sharing options...
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