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

[Mr Meeseeks]

7 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

Deloitte accused of being disconcertingly complacent and criticised for their role in the global financial crisis. 

 

https://www.ft.com/content/358b366e-59fa-11e0-ba8d-00144feab49a

[robblok]

11 minutes ago, Mr Meeseeks said:

Deloitte accused of being disconcertingly complacent and criticised for their role in the global financial crisis. 

 

https://www.ft.com/content/358b366e-59fa-11e0-ba8d-00144feab49a

Does not mean this report is not accurate. I guess a lot of people have no clue about accounting. 

 

Then again the average reader here is not an accountant like I am.

 

These figures are probably correct, but totally useless. These "profits" are a result of not having to pay certain debts and so on. So it has nothing to do with normal operations. Any accountant can tell you that, that is why they state that the results are because of debt restructuring.

 

Means absolutely zero for the normal operations and does not mean Thai airway has turned profitable at all. Just this year because of debt restructuring. That how you should read it and if you really want to know more you should read the report (if its available and if you can read such things).

 

Not sure why everyone is saying this is not true as it just is true but does not mean a thing. People with more knowledge know how to interpret these things. As long as their normal operations don't turn a profit the company is not doing well.

[Tich]

A few noses have been kicked away from the trough

[geisha]

On 2/28/2022 at 12:49 PM, 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...

I think they must have sold half their fleet !

[ExpatOilWorker]

On 2/28/2022 at 12:43 PM, ExpatOilWorker said:

 

Right, so an operational loss of 7 billion baht.

Never underestimate THAI losses:

Thai Airways International (THAI) posted a 55.11 billion baht net profit last year on 81.52 billion baht in revenue from one-time transactions, mainly asset sales, and a 19.70 billion baht operating loss.

[daveAustin]

Those that booked with Thai and lost (not refunded through cancelled flights etc), did you not fallback on CC failure to deliver product, or have travel insurance? Not being facetious.

Haven't flown Thai for years, but considering it as hate stop-offs nowadays. All this feedback of bad service and graft etc is somewhat disconcerting.