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

[THEN]

Nobody here who enjoy or prefer Thai Airways?

 

As a frequent flyer with 100.000-150.000 miles per year (pre covid) I have preferred Thai Airways the last 10 years.

* Thai Airways lounge both ends and fast track channels.

* Whenever I needed to change a ticket it took 2-3min online or a simple call to TA. 

* I have transferred my 2+ year old tickets to Travel Vouchers with no problem and I had the option to get a refund, but chose the travel voucher as I hope TA will get back on their feet and I dont blame TA for covid.

 

The profits looks wrong or tweaked, but nevertheless I am happy to see positive news from Thai Airways.

 

 

[Cake Monster]

7 minutes ago, Mywayboy said:

Constructive Bookkeeping at it's best 555

Artistic Bookkeeping would probably be a better word

All I can say, is there really must be an appetite for their Chinese Doughnuts and Custard.

[newnative]

No they didn't.

[Bangkok Barry]

3 hours ago, RandolphGB said:

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

And by not actually flying ????

 

[Caldera]

4 hours ago, webfact said:

The earnings, however, were driven by gains from debt restructuring rather than flight revenues.

Anything else would have been a major surprise. Most of their fleet was grounded. 

[marcho]

4 hours ago, puck2 said:

".....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.

 

 

We got our money back,in the way of credits. We used that for our flight on 2nd April. Some people just don't know how to go about doing it.  They wanted there money back in cash. We didn't care as long as we,as long as we did not loose what  we put in. 

[soi3eddie]

1 hour ago, THEN said:

Nobody here who enjoy or prefer Thai Airways?

 

As a frequent flyer with 100.000-150.000 miles per year (pre covid) I have preferred Thai Airways the last 10 years.

* Thai Airways lounge both ends and fast track channels.

* Whenever I needed to change a ticket it took 2-3min online or a simple call to TA. 

* I have transferred my 2+ year old tickets to Travel Vouchers with no problem and I had the option to get a refund, but chose the travel voucher as I hope TA will get back on their feet and I dont blame TA for covid.

 

The profits looks wrong or tweaked, but nevertheless I am happy to see positive news from Thai Airways.

 

 

Same here. Sadly after 6 years will not be renewing ROP gold next year. Thai prices for qualifying fares simply too high now (+50% vs pre covid). Unsure which carriers to use once things normalise. 

[Eric Loh]

These are some of the key rehabilitation actions that were taken to allow TA to book a neat profit,

- Reduce the fleet from 103 to 76 jets by 2025

- re-negotiated reduction of debts with airplane lessors

- re-structured of debt load of $12.9 B that was agreed by creditors

- 170 B Baht on debt extension and debt-to-equity conversion

- inject 50B Baht in new capital

- re-start international flights in Q4

- laid off 30% of staffs

 

 

 

 

[Morty T]

Thai Air stock is currently trading at .01 cents a share. 

[pokerface1]

4 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...

They will make more money not flighing at all the way they are going. 

[Sydebolle]

A world's First - definitely. 

Not flying anywhere and booking USD 1.6 billion (1,600,000,000) is worth an entry into the Guiness book of records. 

And who exactly do these morons try to fool this time, honestly? 

Whatever, they ordered three brand new B777, despite having airworthy airplanes in countless airports all over Thailand parked, be it Utapao, Don Meuaioung and, of course Chatichai Choonavan's intercontinental corruption airport in Nong Ngu How; better known today as Swampy! 

[Searat7]

2 hours ago, DFPhuket said:

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. 

If they sold all of the planes they have no plan to use  (especially the A-340’s) there would most likely be a loss because I doubt they have written down the value of these aircraft to what they are actually worth today.

[Kalasin Jo]

5 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...

The article says this is not from operating. As you say they hardly operated in 2021. All those mothballed planes in ranks on the tarmac at Swampy. The article says it was from debt restructuring. A one off then and in my view not true profit.

[The Old Bull]

Creative book keeping and bonus checks for the top brass. Does anybody really believe this BS?

[rwill]

7 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...

It's all the airline food they were selling at their office and 7/11's,,,

[metisdead]

A post using ALL CAPS has been removed, please turn off your Caps Lock when posting. 

 

Some posts using trolling images have been removed. 

[milys]

Well how nice for them.

Now maybe they can pay back my cancelled return ticket to Europe.

I should have left BKK the 25th may 2020.

The ticket was cancelled already in February.

I have written to them several times and I haven't even gotten a response back from them.

All my friends who used other airlines have gotten back their money long time. 

[steven100]

international bankers and financial institutions would be laughing their socks off at this report ....

how naive do TG think others are .....   absolutely pathetic attempt for pre-  borrowing funds outside.

[zzaa09]

20 minutes ago, steven100 said:

international bankers and financial institutions would be laughing their socks off at this report ....

how naive do TG think others are .....   absolutely pathetic attempt for pre-  borrowing funds outside.

Corrupted birds of a feather....

[Stargeezr]

They must have laid off 90 percent of the staff, especially all the managers

and top dogs except the CEO.  Maybe flying freight has helped with this profit.

[josephbloggs]

10 hours ago, scubascuba3 said:

Cooking the books

Please explain how?

Thai Airways has been badly run for years, but they are a publicly listed company audited by Deloitte - one of the "big four" - who publish their full audit every single year.  Here is the independent auditor's report in question, all 98 pages of it.  Feel free to read it then raise any concerns you have.  Looking forward to your detailed reply about how the books have been cooked and which item(s) you take issue with.

https://ir.thaiairways.com/wp-content/uploads/2021/09/20210303-thai-fs-fy2020-en.pdf

Got to love TVF business / financial experts.

[josephbloggs]

3 hours ago, steven100 said:

international bankers and financial institutions would be laughing their socks off at this report ....

how naive do TG think others are .....   absolutely pathetic attempt for pre-  borrowing funds outside.

Tell that to Deloitte whose audit this is article based on.  Pretty sure Deloitte is more respected than the barstool financial gurus on this forum, yourself included.  Have a look and let me know which bits are funny.

https://ir.thaiairways.com/wp-content/uploads/2021/09/20210303-thai-fs-fy2020-en.pdf

[Guest Isaanlife]

Does anyone at all  understand how economics work in Thailand?

 

 

[Guest Isaanlife]

Does anyone at all  understand how economics work in Thailand?

 

 

[Albert Zweistein]

They were offered for sale but are they sold ?

[scubascuba3]

3 hours ago, josephbloggs said:

Please explain how?

Thai Airways has been badly run for years, but they are a publicly listed company audited by Deloitte - one of the "big four" - who publish their full audit every single year.  Here is the independent auditor's report in question, all 98 pages of it.  Feel free to read it then raise any concerns you have.  Looking forward to your detailed reply about how the books have been cooked and which item(s) you take issue with.

https://ir.thaiairways.com/wp-content/uploads/2021/09/20210303-thai-fs-fy2020-en.pdf

Got to love TVF business / financial experts.

Were they the same auditors working at the company when it had lots of corruption going on?

[steven100]

4 hours ago, josephbloggs said:

Tell that to Deloitte whose audit this is article based on.  Pretty sure Deloitte is more respected than the barstool financial gurus on this forum, yourself included.  Have a look and let me know which bits are funny.

https://ir.thaiairways.com/wp-content/uploads/2021/09/20210303-thai-fs-fy2020-en.pdf

if you say so .....   so it's all good then according to you,  phew '   that's a relief .....

for a moment there I thought they weren't being completely honest.

amazing turnaround .....   !!

 

 

Edited February 28, 2022 by steven100

[zzaa09]

5 hours ago, Isaanlife said:

Does anyone at all  understand how economics work in Thailand?

 

 

They play the same game as most of the world plays?

[Naamblar2014]

New business model.  Don't fly passengers anymore = profit

 

 

[Henryford]

They must have accounted for the 1 million pre bookings from Saudi Arabia.