Popular Post webfact Posted November 15, 2021 Popular Post Share Posted November 15, 2021 By Panithan Onthaworn Thai Airways International (THAI), the country’s flag carrier and largest airline, reported a net profit of 51 billion baht for the first nine months of the year on Monday. It was a drastic turnaround from the 49 billion baht loss from a year earlier. The key driver of the airway’s earnings was profit from debt restructuring, including sales of equities and assets, the statement said. Thai Airways said it gained 60 billion baht from the debt restructuring process, which comprises “adjustments to defaulted interest, derecognition, and adjustment of financial liabilities.” Full story: https://www.thaienquirer.com/34995/thai-airway-posts-earnings-after-debt-restructuring-assets-sale/ -- © Copyright Thai Enquirer 2021-11-16 - Whatever you're going through, the Samaritans are here for you - Follow ASEAN NOW on LINE for breaking COVID-19 updates 6 Link to comment Share on other sites More sharing options...
Popular Post RichardColeman Posted November 15, 2021 Popular Post Share Posted November 15, 2021 I guess posting a 9 billion baht operational cost for the year sounded worse 6 Link to comment Share on other sites More sharing options...
Popular Post Willy Wombat Posted November 15, 2021 Popular Post Share Posted November 15, 2021 Rubbery figures 4 2 Link to comment Share on other sites More sharing options...
Popular Post Hans Johnson Posted November 15, 2021 Popular Post Share Posted November 15, 2021 So maybe I will finally get my refund 1 7 Link to comment Share on other sites More sharing options...
Popular Post tingtong Posted November 15, 2021 Popular Post Share Posted November 15, 2021 Loads of BS. Earning? Sold some planes. What is for next year, when no planes left to sell?? 6 1 Link to comment Share on other sites More sharing options...
Popular Post Swiss1960 Posted November 15, 2021 Popular Post Share Posted November 15, 2021 Fully artificial bookkeeping, not a single Baht really earned... 11 9 Link to comment Share on other sites More sharing options...
Popular Post steven100 Posted November 15, 2021 Popular Post Share Posted November 15, 2021 oh TG ..... you keep telling porkies ..... how the heck could they possibly have made 60 billion even with an asset sale. what a load of hog wash . I didn't read anywhere about a purchase of aircraft by anyone ? who the heck is buying any planes in these uncertain times ? did they sell some land and/or offices somewhere ? 6 Link to comment Share on other sites More sharing options...
Popular Post Ralf001 Posted November 15, 2021 Popular Post Share Posted November 15, 2021 They dun good sales at them Pop Up Restaurants !! 8 Link to comment Share on other sites More sharing options...
scorecard Posted November 15, 2021 Share Posted November 15, 2021 (edited) 23 minutes ago, steven100 said: oh TG ..... you keep telling porkies ..... how the heck could they possibly have made 60 billion even with an asset sale. what a load of hog wash . I didn't read anywhere about a purchase of aircraft by anyone ? who the heck is buying any planes in these uncertain times ? did they sell some land and/or offices somewhere ? Even if they did sell some planes (very unlikely to be even be 1 aircraft and at a very low price, especially in the current circumstances of the global aviation industry). And if they did sell 1 or 2 buildings, that cannot add up to the 'billions' they are quoting. Edited November 15, 2021 by scorecard 2 Link to comment Share on other sites More sharing options...
ezzra Posted November 15, 2021 Share Posted November 15, 2021 Let's sums it all up and say that whatever TG put out, good or bad, we should all take it with a grain of salt, BIG grain of salt... 1 Link to comment Share on other sites More sharing options...
Popular Post GinBoy2 Posted November 15, 2021 Popular Post Share Posted November 15, 2021 This is a smoke and mirrors game. They have moved a sh**t load of distressed assets to below the line. Those assets, aka aircraft are practically worthless, just add them to the A340-500's. So 'maybe' on a current account basis they may be profitable, they are still horribly in debt 4 Link to comment Share on other sites More sharing options...
welshguy Posted November 15, 2021 Share Posted November 15, 2021 ????? Ive seen lots of nonsense posted on here.. This though takes the biscuit!! Its not even "amazing"....its ridiculous. Pay me back the money I paid you in March 2020 for my cancelled September 2020 flight then moneybags Thai Airways! What a load of old tosh! 1 Link to comment Share on other sites More sharing options...
Popular Post alyx Posted November 15, 2021 Popular Post Share Posted November 15, 2021 1 hour ago, Hans Johnson said: So maybe I will finally get my refund OMG...you miss the point....: your "investment" is part of the "net profit of 51 billion baht" 2 2 4 Link to comment Share on other sites More sharing options...
heybuz Posted November 15, 2021 Share Posted November 15, 2021 1 hour ago, Hans Johnson said: So maybe I will finally get my refund you'll have to beat the crowd in the photo. 1 Link to comment Share on other sites More sharing options...
scorecard Posted November 15, 2021 Share Posted November 15, 2021 29 minutes ago, GinBoy2 said: This is a smoke and mirrors game. They have moved a sh**t load of distressed assets to below the line. Those assets, aka aircraft are practically worthless, just add them to the A340-500's. So 'maybe' on a current account basis they may be profitable, they are still horribly in debt Nice point. But even if we only look at the actual core trading data for the period it can't be billions. Just not possible given that for the first nine months of the year they had very few flights and many of the flights were repat. flights with the aircraft around one third full. Some were cargo flights but they are limited in where they have permission to land/take off, again can't possibly amount to billions. Link to comment Share on other sites More sharing options...
MrJ2U Posted November 15, 2021 Share Posted November 15, 2021 2 hours ago, webfact said: sales of equities and assets After that what was left in regards to profit? It'll be more revealing to see how the airline is doing in the first quarter of 2022. It seems that the government has changed the tune on its "National Airlines" stance. Does this mean a return to the,*free" travel days again for politicians, important people, family members, poodles,etc? 1 1 1 Link to comment Share on other sites More sharing options...
itsari Posted November 15, 2021 Share Posted November 15, 2021 What appears to be accounting acrobatics Link to comment Share on other sites More sharing options...
Le Addeur noir Posted November 15, 2021 Share Posted November 15, 2021 1 hour ago, Swiss1960 said: Fully artificial bookkeeping, not a single Baht really earned... The TG management have got to be some of the most incompetent managers possible. With demand for cargo airplanes in record demand, Thai Airways left a pair of cargo 474-400s sitting on the ground at U-Tapao gathering dust, when they could have been earning vital revenue for the carrier. These two airplanes were eventually sold to a Moldovan cargo airline, probably for peanuts. 1 Link to comment Share on other sites More sharing options...
Le Addeur noir Posted November 15, 2021 Share Posted November 15, 2021 22 minutes ago, MrJ2U said: After that what was left in regards to profit? It'll be more revealing to see how the airline is doing in the first quarter of 2022. It seems that the government has changed the tune on its "National Airlines" stance. Does this mean a return to the,*free" travel days again for politicians, important people, family members, poodles,etc? Has this actually stopped?. 22 minutes ago, MrJ2U said: Link to comment Share on other sites More sharing options...
MrJ2U Posted November 16, 2021 Share Posted November 16, 2021 (edited) 14 minutes ago, Le Addeur noir said: Has this actually stopped?. Hard to say Lately Anutin,Pryutt, and a few others have been jetting around on Thai Air. There definitely not paying for it. And their not flying economy. Transparency isn't a strong suite of Thai politics. I'd assume the owed creditors are getting agitated. Edited November 16, 2021 by MrJ2U 1 Link to comment Share on other sites More sharing options...
Srikcir Posted November 16, 2021 Share Posted November 16, 2021 In debt restructuring, creditors (if you have a refund you're likely a creditor) convert their debt into equity in a tax neutral transaction. No gain, ie.,in the form of taxable income results. Sale of used Thai Airways aircraft, especially if minimally maintained, is also unlikely to result in taxable income except in the case wheren such used aircraft appreciate in value or the sales value exceeds the deducted depreciation for tax purpose (unlikely in this case). Thus, hard to understand that debt restructuring and sale of used aircraft alone resulted in "posted earning." 1 Link to comment Share on other sites More sharing options...
hotchilli Posted November 16, 2021 Share Posted November 16, 2021 3 hours ago, webfact said: Thai Airways International (THAI), the country’s flag carrier and largest airline, reported a net profit of 51 billion baht for the first nine months of the year on Monday. It was a drastic turnaround from the 49 billion baht loss from a year earlier. And I believe in the tooth fairy Link to comment Share on other sites More sharing options...
zzaa09 Posted November 16, 2021 Share Posted November 16, 2021 31 minutes ago, MrJ2U said: Hard to say Lately Anutin,Pryutt, and a few others have been jetting around on Thai Air. There definitely not paying for it. And their not flying economy. Transparency isn't a strong suite of Thai politics. I'd assume the owed creditors are getting agitated. Needless to say, they have influential friends in high places... Link to comment Share on other sites More sharing options...
ChrisY1 Posted November 16, 2021 Share Posted November 16, 2021 Lat week they were about to downsize their overly huge workforce...also stating that things will get better once 43 aircraft have been sold or disposed of....now they say that during a pandemic when virtually no-one travelled anywhere....that they've miraculously made a Thb 50 billion profit....every other global airline has crashed!! I'm sure the banks and financiers now will jump at the chance to lend them Thb 25 Billion! 2 Link to comment Share on other sites More sharing options...
herfiehandbag Posted November 16, 2021 Share Posted November 16, 2021 4 minutes ago, ChrisY1 said: Lat week they were about to downsize their overly huge workforce...also stating that things will get better once 43 aircraft have been sold or disposed of....now they say that during a pandemic when virtually no-one travelled anywhere....that they've miraculously made a Thb 50 billion profit....every other global airline has crashed!! I'm sure the banks and financiers now will jump at the chance to lend them Thb 25 Billion! Why borrow? All they have to do is Mark time for 3 months, carry on as they are doing, flog a few more doughnuts and they will have the money... Link to comment Share on other sites More sharing options...
Stargeezr Posted November 16, 2021 Share Posted November 16, 2021 This just shows that when airlines talk about profits or losses, it does not involve any real losses. Airlines that have gone totally out of business, are the ones that did suffer enough real losses, that they folded. Even second hand jet liners are worth some money, and if some of the older jets were sold off to companies that wanted freighter, then Thai Air would have made some money from the parked aircraft that have not been flying since the pandemic started. When airlines talk about losses in a given year, it is a loss of the expected profits that they did not make, not actual money. Been that way for years. Most airlines that are tied to their country as the national airline of that country, get certain monies, and other stuff from their home country, they can go a long way on so called years of losses, Thai Air is no different. Geezer Link to comment Share on other sites More sharing options...
martin81 Posted November 16, 2021 Share Posted November 16, 2021 (edited) I think they confuse revenue profit and income. They cannot have profit of 50 billion with monthly revenue of around 1 billion in 9 months. Tg certainly have plenty of cost for employees fuel and aircraft maintenance. Edited November 16, 2021 by martin81 Spelling error Link to comment Share on other sites More sharing options...
roquefort Posted November 16, 2021 Share Posted November 16, 2021 2 hours ago, Srikcir said: In debt restructuring, creditors (if you have a refund you're likely a creditor) convert their debt into equity in a tax neutral transaction. No gain, ie.,in the form of taxable income results. Sale of used Thai Airways aircraft, especially if minimally maintained, is also unlikely to result in taxable income except in the case wheren such used aircraft appreciate in value or the sales value exceeds the deducted depreciation for tax purpose (unlikely in this case). Thus, hard to understand that debt restructuring and sale of used aircraft alone resulted in "posted earning." I suspect the government wrote off a shedload of TG debt which the accountants miraculously turned into "profit". Loaves and fishes. 2 Link to comment Share on other sites More sharing options...
Mr Meeseeks Posted November 16, 2021 Share Posted November 16, 2021 If I knew patongo were so profitable I would have got my missus a stall years ago. We'd be billionaires by now. ???? Link to comment Share on other sites More sharing options...
tomacht8 Posted November 16, 2021 Share Posted November 16, 2021 (edited) Thai has mostly sold land and buildings. Parts of the company may have been sold to newly founded LTDs. So Thai can post a claim (unpaid customer invoice) in its own balance sheet. But cash is far from flowing. Thai airways' operational business has not been profitable since many, many years. Edited November 16, 2021 by tomacht8 Link to comment Share on other sites More sharing options...
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