THAI Airways registers first half loss of 28 billion baht

[webfact]

THAI Airways registers first half loss of 28 billion baht

 

(FILES) In this file photo taken on April 8, 2016 a Thai Airways Boeing 747 plane prepares to land at Changi International Airport in Singapore. – Thailand’s cash-strapped national carrier will look to undergo a restructuring through the kingdom’s bankruptcy court, premier Prayut Chan-O-Cha said May 19, 2020, as the stricken company is battered by the crash in tourism caused by the coronavirus.

 

Thai Airways International has suffered about 28 billion baht in losses for the first half of this year, mainly attributable to the COVID-19 pandemic, which has seriously impacted its operations.

 

THAI Acting President Charnsin Treenuchagron said today that the COVID-19 pandemic has led to numerous countries imposing lockdown measures, including travel restrictions, resulting in substantial reductions in domestic and international travel. THAI, he said, had to reduce its flights in line with reduced passenger loads.

 

For the first quarter of this year, Mr. Charnsin disclosed that the national flag carrier, and its affiliated companies, recorded 38 billion baht in consolidated revenues, a 23.7 billion drop compared to the same period last year, largely due to the sharp reduction in passengers and freight.

 

Full story: https://www.thaipbsworld.com/thai-airways-registers-first-half-loss-of-28-billion-baht/

 

-- © Copyright Thai PBS 2020-08-14

 

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[MadMac]

Amazing how a company that is bankrupt still can make such a substantial loss. 

[bodga]

Excellent, where  can I invest in this  clear  money maker? r  should  I  just douse my cash with petrol and save my  money?

[webfact]

Thai Airways shares suspended after auditors decline to sign off on accounts

 

FILE PHOTO: Empty lines are seen at Thai Airways counters in Suvarnabhumi Airport in Bangkok, Thailand April 30, 2020. REUTERS/Soe Zeya Tun

 

BANGKOK (Reuters) - Thai Airways International Pcl <THAI.BK> shares were suspended by the bourse on Friday after auditors declined to sign off on its financial statements for the six months to June 30.

 

Auditor Deloitte Touche Tohmatsu Jaiyos Co Ltd said it could not reach a conclusion on the statements due to issues including a lack of liquidity and debt defaults which created "material uncertainty" and may affect the value of assets and liabilities.

 

Thai Airways is under bankruptcy protection and is due to submit its rehabilitation plan to the bankruptcy court on Monday.

 

In a statement, the airline said losses from operations since 2013 had resulted in a capital deficiency.

 

Thai Airways booked losses of 22.68 billion baht ($730.4 million) and 5.35 billion baht its first and second quarters, respectively, according to a delayed earnings report released late Thursday.

 

The collapse of travel and tourism due to the outbreak of the new coronavirus slashed revenue by 23.7% to 38 billion baht in the first quarter, Acting President Chansin Treenuchagron said on Friday.

 

In the three months ending in June, it booked 2.49 billion baht in revenue, down 94.1% from the same period a year earlier.

The airline began suspending flights in February.

 

(Reporting by Chayut Setboonsarng; Editing by Stephen Coates)

 

-- © Copyright Reuters 2020-08-14

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[ExpatOilWorker]

They took all our ticket money, flew very few flights and still loses billions. How is that even possible?

[RandolphGB]

The solution is to bring in foreign boards to run the company and release a controlling stake. 
 

However, that would be a massive loss of face for Thailand to have foreigners owning their national airline and lots of senior people who currently have their noses in the trough will lose out.

 

That’s why it’s unlikely to happen. 

[ThailandRyan]

I think they are just a little underwater, but then what do I know.

[Phuketshrew]

28 minutes ago, webfact said:

Thai Airways booked losses of 22.68 billion baht ($730.4 million) and 5.35 billion baht its first and second quarters, respectively, according to a delayed earnings report released late Thursday.

So they can't just blame it on Covid then?

[MadMac]

And Deloitte refused to sign off. So more to come. 

[Reigntax]

So about the same loss as when they were fully ooerational !!

[MadMac]

1 minute ago, Reigntax said:

So about the same loss as when they were fully ooerational !!

Amazing, isn't it? ????

[Robin]

This has been coming for years.  THAI and governments have ignored the warning signs as they cannot face the facts.

forge the loss of face and sell the airline to the highest bidder.  Some aircraft and landing slots in Europe might have a value.

Tough luck on all the retired air force generals who were hoping for an easy living off the state.

[carabaothai]

16 minutes ago, Phuketshrew said:

So they can't just blame it on Covid then?

...since 2013 !!!

[Rimmer]

A post and a reply has been removed, you need to be VERY careful what you post on here:

 

1) You will not express disrespect of the King of Thailand or any one member of the Thai royal family, whether living or deceased, nor to criticize the monarchy as an institution.

By law, the Thai Royal Family are above politics. Speculation, comments and discussion of either a political or personal nature are not allowed when discussing HM The King or the Royal family.

To breach these rules will result in an immediate ban.

[Redline]

I’m curious how much they have lost since 2013?

 

I wonder how much has been siphoned since inception?

 

The corruption cows seem to be sick and dying.

[JeffersLos]

3 hours ago, webfact said:

loss of 28 billion baht

Perhaps it's down the back of a few sofas. 

[ThailandRyan]

7 minutes ago, JeffersLos said:

Perhaps it's down the back of a few sofas. 

with the watches lil fattie borrowed

[hotchilli]

3 hours ago, MadMac said:

Amazing how a company that is bankrupt still can make such a substantial loss. 

Just wait till it starts operating again... as far as I can see nothings changed as far as "restructuring' on the scale that is needed has been carried out.

[sammieuk1]

Cheered me up a bit but opened my side wound again ????

[Bender Rodriguez]

why not just let it go bankrupt and stop the losses... not one YEAR they ever made even or profit... 

 

super management team !!!

[Peterphuket]

So???

What's there problem?

I still waiting for my money  about for paid and not provided services.

We call that a scam.

Every time when I see messages about this I get angry.

[Anna Rak]

I have worked at Heathrow for 20 years in various positions and airlines, but because of the pandemic have just been made redundant.

I would be quite happy to come to Thailand and be a hatchet man for Thai international and expose the corruption plus clear out the dross.

How can a airline expect to recover when their tickets are twice as much as most other airlines, perceived value just doesn't cut it any more, people purchase tickets nowadays by cost or reputation and Thai presently does not fall into either of these categories.  

[martin81]

Odd that I got money back from TG for cancelled flights to be flown in March and May. I did not expect to get it after they have no revenue as almost no flights are flown by them.

I don't know if they still issues refunds for cancelled flights?

[Mr Meeseeks]

12 minutes ago, Anna Rak said:

I would be quite happy to come to Thailand and be a hatchet man for Thai international and expose the corruption plus clear out the dross.

Lol you'd be killed within days.

[trucking]

Good.

 

Dumped me at kohn kaen airport when the pilot refused to take off with politicians he didn't like on board. Absolutely disgraceful but was not punished.

 

I missed my connecting flight and had a big hassle getting a refund.

 

Never again with this airline.

[SteveK]

5 minutes ago, trucking said:

Never again with this airline.

Doesn't look like it.

[ChrisY1]

I believe that as the audit results have not been signed off....making bankruptcy protection would be null and void.

Meaning maybe, that leased aircraft that have not had the lease payments paid, would make them susceptible to seizure. 

To enable operations to recommence then, only aircraft that are actually owned, would be able to fly.....reducing the fleet to only a handful of planes.

By removing the airline from government entities may disallow bankrolling from the government......

Thai is probably done!

[PatOngo]

10 hours ago, Anna Rak said:

I would be quite happy to come to Thailand and be a hatchet man for Thai international and expose the corruption plus clear out the dross.

Even if that were possible, I think you would mysteriously disappear within the first hour!

[SiSePuede419]

Hey, the US Pentagon lose $2T USD back in 2001.  Money just has a strange way of escaping into various bank accounts. ????

[ChipButty]

13 hours ago, Anna Rak said:

I have worked at Heathrow for 20 years in various positions and airlines, but because of the pandemic have just been made redundant.

I would be quite happy to come to Thailand and be a hatchet man for Thai international and expose the corruption plus clear out the dross.

How can a airline expect to recover when their tickets are twice as much as most other airlines, perceived value just doesn't cut it any more, people purchase tickets nowadays by cost or reputation and Thai presently does not fall into either of these categories.  

You would be going back home in a Urn