THAI says it is now profitable and looks to return to trading on SET earlier than plan set for 2025

[webfact]

 

By Thanaphum Charoensombatpanich

Embattled national carrier – Thai Airways International Plc (THAI), has come out to say that it has turned to profits since May and was looking to return to having its shares traded on the Stock Exchange of Thailand (SET) earlier than its rehabilitation plans as it starts to record higher revenues amid recovery in tourism sector.

 

THAI, which has been under rehabilitation after it filed for bankruptcy in 2020, came out to say that it was confident that its shares which also has been suspended since August 2020, would likely return to being traded on the SET ahead of the plans under the bankruptcy rehabilitation goal of 2025.

 

Suvadhana Sibunruang, the acting Chief Executive Officer of THAI, revealed that the company is currently preparing to hire a financial advisor (FA) to implement the new rehabilitation plan after being approved by the bankruptcy court in carrying out new capital pursuant to the debt-to-equity conversion process and capital increase from former creditors and existing shareholders in the amount of 2.5 billion Baht within the year 2024, which is a decrease from the original rehabilitation plan of 50 billion Baht.

 

Full story: https://www.thaienquirer.com/47024/thai-says-it-is-now-profitable-and-looks-to-return-to-trading-on-set-earlier-than-plan-set-for-2025/

 

-- © Copyright Thai Enquirer 2022-12-23

 

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[ThailandRyan]

Profitable in such a short time. They must have cooked the books with all of the unpaid refunds and aircraft still on the books....sounds like Banks hiding NPL's to me.

[soi3eddie]

No surprise back in profit. If not cooked books, then poor service and reduced route competition. They've doubled many fares and slashed quality of service and food since April this year. I've previously raved about their service but no more. London/Bangkok Flights in August, September and October were terrible. Food in economy almost inedible. Crew couldn't care less and scurried off to the galley telling passengers if then want drinks/snacks must come and get them. Definitely not smooth as silk anymore. Now switching to better alternative carrier (EVA) and was very impressed last week. 

 

Edited December 23, 2022 by soi3eddie

[worgeordie]

So will the be repaying the 12 K ,they owe my daughter  ? ......and all the others

they owe refunds too .

 

regards Worgeordie

[2baht]

Amazingly fast recovery for a company that has been losing money hand over fist, year after year! Ceative accountancy???????

[MRToMRT]

This is really poorly worded. If you read the whole thing its says an operating profit was achieved between may and November (which is not an accounting period) BUT they still need another 50 Billion baht to restructure their existing debt, so they are still about 49.99 (probably) billion baht in debt. They still have not started, or employed anyone, to work on the debt restructuring.

 

Their plan to wipe out this 50 billion in debt is to ask their current creditors to accept additional shares instead of cash.

Edited December 23, 2022 by MRToMRT

[billd766]

20 minutes ago, ThailandRyan said:

Profitable in such a short time. They must have cooked the books with all of the unpaid refunds and aircraft still on the books....sounds like Banks hiding NPL's to me.

I wonder how much they actually doe owe their creditors including those people who still have not had their ticket refunds yet.

 

I think it is called creative accountancy.

[nigelforbes]

Delete 

Edited December 23, 2022 by nigelforbes

[edwinchester]

Fantastic news for those owed money for flights cancelled by Thai nearly 3 years ago, must be due to be repaid very soon right?

[ThailandRyan]

10 minutes ago, edwinchester said:

Fantastic news for those owed money for flights cancelled by Thai nearly 3 years ago, must be due to be repaid very soon right?

Love the sarcasm, very much warranted in this on-going battle with Thai.  I hope they are being re-paid and not with cheap flights.

[jacko45k]

6 hours ago, ThailandRyan said:

Profitable in such a short time. They must have cooked the books with all of the unpaid refunds and aircraft still on the books....sounds like Banks hiding NPL's to me.

Yes, it would be a surprise if they have become profitable while still servicing their  debts!

I am down a return  flight to Bali!

Edited December 23, 2022 by jacko45k

[nigelforbes]

11 minutes ago, jacko45k said:

Yes, it would be a surprise if they have become profitable while still servicing their  debts!

I am down a return  flight to Bali!

Not all debts have to be serviced. One of the bankruptcy settlement deals that was made was that they were allowed to refund the original purchase cost of their shares rather than their current value. That meant that people who bought into investment funds such as CG-LTF, funds that owned their shares, saw the value of their holding fall quite substantially as any accumulated profit over many years was wiped out.

[jaiyen]

The classic Thai speech .........."They said they are confident that it is likely that shares will be traded again before 2025"  That means absolutely nothing ! 

[zzaa09]

8 hours ago, ThailandRyan said:

Profitable in such a short time. They must have cooked the books with all of the unpaid refunds and aircraft still on the books....sounds like Banks hiding NPL's to me.

Sounds about right. One should be highly suspicious as to what is presented officially with the help with the always abiding media, who just parrot the conventional surface narrative. 

 

All these false positives are highly unlikely, as they [Thai Airways and affiliates] have an uneven and corrupted history of managing their business ways. And things don't turn around that quickly......not these thugs.

 

[PETERTHEEATER]

5 hours ago, edwinchester said:

Fantastic news for those owed money for flights cancelled by Thai nearly 3 years ago, must be due to be repaid very soon right?

+ 7% interest in keeping with Thai custom......????

[Sydebolle]

I need to fire my entire accounting department and hire those experts cooking the TG books. Give all of 'em a medal for succeeding the "turn-around". 

After having carried forward 300+ billion (not million) Baht as per the media some time back, they now are in for new aircraft despite having dozens of 777s and other pretty modern equipment parked all over the Kingdom's aerodrome (BKK and UTP spring to mind). 

But yet, once they report double digit return on shareholder values then please have a look at my refund request from 30 months ago. My accountants had written it off so we would be looking forward to a little surprise. But naaahhh, we keep our shirts on and stop dreaming. Bottomline is, that the success of TG ever since the turn-around for the entire rest of my life will ensure, that nobody will sit on any of their planes while I have a say.