Thai Airways books 55 billion baht of profits in 2021 after rehabilitation plans

[webfact]

 

By Panithan Onthaworn

 

Thailand’s flag carrier Thai Airways International (THAI) recorded a net profit of 55.1 billion baht in 2021, recovering from a massive net loss of 141 billion baht in 2020. The earnings, however, were driven by gains from debt restructuring rather than flight revenues.

 

The debt-ridden airline reported that it gained around 62 billion baht in 2021 from its debt restructuring process, which was approved by the Central Bankruptcy Court in July 2020. 

 

Chai Eamsiri, acting Chief, Finance and Accounting, said Thai Airways has resumed its international routes in Asia, Europe, and Australia since the fourth quarter of 2021 in line with the reopening of Thailand. 

 

Full story: https://www.thaienquirer.com/37969/thai-airways-books-55-billion-baht-of-profits-in-2021-after-rehabilitation-plans/

 

-- © Copyright Thai Enquirer 2022-02-28

 

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[RandolphGB]

Amazing how many savings could be made by cutting out a few backhanders. 

[ExpatOilWorker]

6 minutes ago, webfact said:

The debt-ridden airline reported that it gained around 62 billion baht in 2021

 

7 minutes ago, webfact said:

(THAI) recorded a net profit of 55.1 billion baht in 2021,

Right, so an operational loss of 7 billion baht.

[TallGuyJohninBKK]

Amazing how declaring bankruptcy to "restructure" (evade?  delay?) past debts can improve a company's finances!  ????

 

[ezzra]

I find it hard to believe those figures, they hardly flew anywhere, never had a promotional fares i should know because i was looking at their website they didn't fly to many of their regular destinations and still made 55 billions baht profit? some crafty book keeping methods to say the least...

[puck2]

".....The debt-ridden airline reported that it gained around 62 billion baht in 2021 from its debt restructuring process, which was approved by the Central Bankruptcy Court in July 2020.  ...."

 

Now I understand why so many people, who payed their tickets in advance (as normal), didn't receive their money back, because of cancelled TG-flights. You could read this in the news and here in this forum.

 

What a pity, once I liked to fly on Thai Airways. But I stopped it already many years ago.

 

 

[mtls2005]

Thai Airways International Public : Clarification of the Auditor's Report on Disclaimer Opinion for the Financial Statement for the year ended December 31, 2021

 

Disclaimer
This announcement was prepared and disseminated by listed company or issuer through the electronic system which is provided for the purpose of dissemination of the information and related documents of listed company or issuer to the Stock Exchange of Thailand only. The Stock Exchange of Thailand has no responsibility for the accuracy and completeness of any statements, figures, reports or opinions contained in this announcement, and has no liability for any losses and damages in any cases. In case you have any inquiries or clarification regarding this announcement, please directly contact listed company or issuer who made this announcement.

 

https://www.marketscreener.com/quote/stock/THAI-AIRWAYS-INTERNATIONA-6491677/news/Thai-Airways-International-Public-Clarification-of-the-Auditor-s-Report-on-Disclaimer-Opinion-for-39604513/

 

 

[JonnyF]

A nice way to make 100% profit on a flight. Take the money for the flight, cancel it and refuse to give a refund. Then "restructure" the debt and announce huge profits. 

[ThailandRyan]

52 minutes ago, webfact said:

recorded a net profit of 55.1 billion baht in 2021, recovering from a massive net loss of 141 billion baht in 2020. The earnings, however, were driven by gains from debt restructuring rather than flight revenues.

Read the first line in the quote and almost choked on my coffee, then I read the last part and spat the coffee all over the keyboard as I was laughing so hard.......those two sentences should not be allowed to be one right after the other.....

[Will B Good]

Lies, damned lies and creative accountancy...........didn't they sell off half their fleet......that would be an exceptional item not something that can be counted towards profits????

[scubascuba3]

Cooking the books

[Guderian]

I suspect that a few of the High Heidyins in government have got a results-related deal and will get a massive bonus if the airline reports a decent profit. Forget the numbers, they're meaningless in financial terms, as long as whatever they are delivers the necessary moolah to the people in charge.

[Dialemco]

Fantastic news Thai Airways would do well to export their expertise how they made a profit whilst other world airlines have made hugh losses.

[madmitch]

Airways’ assets stood at 161.2 billion baht, down 23 per cent year-on-year. Total liabilities were 232.5 billion baht, also down 31.2 per cent year-on-year

 

A 70 billion baht deficit yet they still declare a 55 billion baht profit? Creative accounting methinks!

 

[Thailand]

1 hour ago, ezzra said:

I find it hard to believe those figures, they hardly flew anywhere, never had a promotional fares i should know because i was looking at their website they didn't fly to many of their regular destinations and still made 55 billions baht profit? some crafty book keeping methods to say the least...

Creative accounting!

[Pedrogaz]

Guessing the guys at the top that broke the airline are in line for huge bonuses for increasing profits by not flying....if it starts again I guess the same guys will break it again using their privileges (Like carrying huge amounts of shopping the for some reason don't go through customs).

[eastendanto]

45 minutes ago, scubascuba3 said:

Cooking the books

took the words right out of my pasta ????

[steven100]

The Thai airways financial controller is a genius .....  he can turn a $12.9 billion dollar debt ridden company around & within 12 months have the books showing a 55 billion baht profit    !!!    absolutely amazing how good he is ...   

 

What a load of bs .....  hahaha  

[Chiang Mai Will]

2 hours ago, RandolphGB said:

Amazing how many savings could be made by cutting out a few backhanders. 

It's an incredible story!

 

Thai Airways has turned a massive loss into a very credible profit (not sure about the strange figures though: gaining B60billion and a profit of B55.1billion -- ? B7billion)!

 

Especially well done during a terrible Covid year when few people were flying and the international airlines lost billions, air-traffick controllers laid off, pilots and cabin crew laid off -- and yet Thai Airways made a profit! Well done Thai Airways! ???? ???? ????

[DUNROAMIN]

BS

[sambum]

"Thailand’s flag carrier Thai Airways International (THAI) recorded a net profit of 55.1 billion baht in 2021, recovering from a massive net loss of 141 billion baht in 2020". 

 

WOW! ("Lies, damned lies and Statistics")

[hotchilli]

2 hours ago, ezzra said:

I find it hard to believe those figures, they hardly flew anywhere, never had a promotional fares i should know because i was looking at their website they didn't fly to many of their regular destinations and still made 55 billions baht profit? some crafty book keeping methods to say the least...

Must have sold a lot of donuts?

[RichardColeman]

21 people on my Thai Airways flight from Heathrow to BKK on 27th January - if they are making a profit I'm a monkeys uncle

[MrJ2U]

It's just selling off property and assets.

 

Mix that with a little debt forgiveness.

 

Unsustainable.

 

 

 

[DFPhuket]

How are they accounting for the 50 or more planes that have continued to rot at BKK airport? In addition to issues with engines and avionics, I can't imagine what the mildew covered cabin might look like after having no ventilation for two years. 

[uncommonomo]

Wow, speechless. I mean <deleted>?!

[bdenner]

Must be using the same creative accountant as the TAT. Has the ability of coming up with any figure one wants. Probably the only <deleted> who is genuinely making a profit serving these fools!

[Mywayboy]

3 hours ago, ezzra said:

I find it hard to believe those figures, they hardly flew anywhere, never had a promotional fares i should know because i was looking at their website they didn't fly to many of their regular destinations and still made 55 billions baht profit? some crafty book keeping methods to say the least...

Constructive Bookkeeping at it's best 555

[Mike KIWI]

They sold off a load of planes?  Not really a profit is it then?

[tomacht8]

If Thai borrows $100 and then says I can only give you back $40, Thai has "won" $60. But unfortunately that is not liquidity and the borrowed money has already been spent or burned in the past.

Also it is not a commercial profit that is certain if the turnover is greater than the costs.