Thai Airways Declares Over B10bn Baht in Profit in 2022

[NoshowJones]

12 hours ago, phetphet said:

It’s good that they are getting back into profit, but to be fair, they didn’t have much competition last year on some routes.

EVA for instance

 

Once the other airlines get fully back to flying the Bangkok routes, and competition hots up, we will see if they can compete price wise.

 

EVA’s planes are new and their service is very good.. Thai looked quite  jaded when I flew with them in early 2022.

The airlines will need to try and stop skinning everyone with drastically increased plane fares trying to make up for their profits going down during the pandemic.

It is always the ordinary people who lose out when there is a pandemic or a war, never the capitalist minded big companies.

[NoshowJones]

3 hours ago, zzaa09 said:

Corporatism - big business.

Don't you mean Capitalism?

[Sydebolle]

Some points spring to mind - as an aide memoire for TG's present big banana, Mr. Piyasvasti Amranand: 
a) try to imagine, how many more billions, trillions or even zillions could have been made if all those indefinitely parked aircraft in i.e. Bangkok Suvannaphoum airport would be flying rather than just stand around to the disgrace of Thai aviation 
b) before you want to shop for new equipment, work out something for the present large fleet sitting idle - see above point. Either way some crooks in the past shopped till they dropped for aircraft without a plan nor an idea of necessity. Possibly those suggesting new equipment now are equally brain damaged or focussing too much on "personal" interests". 
c) it is proved beyond reasonable doubt, that TG (like many other dinosaurs, i.e. State Railways of Thailand) have been managed by thieves and, if not thieves then they must be ignorant and blind.

Maybe you want to outsource that to professionals, irrespective of nationality, gender and/or age. Japanese and Middle Eastern companies of same/bigger proportions put the best candidate into the driver's seat with great success; something which cannot be said by i.e. TG. 

[NoshowJones]

59 minutes ago, worrab said:

You will not regret that. I am now totally Emirates as they knock spots of Thai. I use them for BKK to LHR and time wise, depending how quick you need to be there, it can be done in 14 hours against 11.5 direct. As I fly Business Class, I make the most of the lounges and chauffeur drive!! Wonderful.

Emirates is fine apart from when returning to Thailand, when you get to Dubai, you can find you have about a 5K bus run to get to your terminal. The airport is absolutely huge.

Last time I had about a 3 hour layover at Dubai and it took me about 2 hours to get to the terminal for Thailand, and even at that, I got a woman with her family to take me to the terminal with them, I could very easily have missed my connecting flight.

[daveAustin]

1 hour ago, worrab said:

You will not regret that. I am now totally Emirates as they knock spots of Thai. I use them for BKK to LHR and time wise, depending how quick you need to be there, it can be done in 14 hours against 11.5 direct. As I fly Business Class, I make the most of the lounges and chauffeur drive!! Wonderful.

No thanks. Quality craft and service but direct trumps it for me every time. Had a <deleted> flight with Emirates a while back and the messing around change planes + the ever present--though low probability--chance of being pulled for taking a benign pain killer...

No doubt profits are being 'siphoned' with Thai, but never had an issue with them. Great flight from London direct/times etc. 

[worrab]

1 minute ago, NoshowJones said:

Emirates is fine apart from when returning to Thailand, when you get to Dubai, you can find you have about a 5K bus run to get to your terminal. The airport is absolutely huge.

Last time I had about a 3 hour layover at Dubai and it took me about 2 hours to get to the terminal for Thailand, and even at that, I got a woman with her family to take me to the terminal with them, I could very easily have missed my connecting flight.

You are right about the size of the airport terminal being huge. It is luck of the draw with gates I reckon. The worst I have had involved having to catch the shuttle train betwen gates even though in the same terminal  and that was going to LHR!! But I can put up with it for the better flights and on board service.  

[Liverpool Lou]

3 hours ago, steven100 said:

yes I'm sure you did    !    going from 19.7 Billion baht loss just a year ago to a 10 Billion baht profit   !!!!

 

An incredible accountant and his calculator ....  Amazing Thailand   !!! 

"Thai Airways reported a net loss of 252 million baht for the year, weighed down by the termination of aircraft leases and other charges, compared with a net profit of 55.1 billion baht in 2021..."

 

 

[Liverpool Lou]

Seems that the renowned Thaivisa accountants don't understand the differences between "operating profit", "revenue" and "net profit/loss"...among many other things. 

[new2here]

16 hours ago, London Lowf said:

Maybe they can now afford to fix the seats, seatbelts, screens, give the cabin crew a raise so that they can manage a trademark smile and give the planes a respray - taxiing around Swampy in the daytime and looking at the fleet, they are all different shades of purple depending on how long they've been exposed to UV light.

 

For eight years I've been "faithful" to Thai but next trip I'm trying Emirates.

If I read correctly, nearly half of the “new” fleet will be leased A350s and the other half will be return-to-service a few of their A333s and a few 777s that are currently stored…

 

So, i suspect the vast majority of what you see currently at Suvarnabhumi in storage status, will (most likely) never return to service with TG - therefore I’ll also doubt you’ll see them undergo a repainting or other return-to-service work. 

 

I highly doubt you’ll see their A388s fly for TG again… and some of the older 772s and 773s I suspect will go to other carriers, undergo CF (converted freighter) modification or be parted out. 

[new2here]

46 minutes ago, Sydebolle said:

Some points spring to mind - as an aide memoire for TG's present big banana, Mr. Piyasvasti Amranand: 
a) try to imagine, how many more billions, trillions or even zillions could have been made if all those indefinitely parked aircraft in i.e. Bangkok Suvannaphoum airport would be flying rather than just stand around to the disgrace of Thai aviation 
b) before you want to shop for new equipment, work out something for the present large fleet sitting idle - see above point. Either way some crooks in the past shopped till they dropped for aircraft without a plan nor an idea of necessity. Possibly those suggesting new equipment now are equally brain damaged or focussing too much on "personal" interests". 
c) it is proved beyond reasonable doubt, that TG (like many other dinosaurs, i.e. State Railways of Thailand) have been managed by thieves and, if not thieves then they must be ignorant and blind.

Maybe you want to outsource that to professionals, irrespective of nationality, gender and/or age. Japanese and Middle Eastern companies of same/bigger proportions put the best candidate into the driver's seat with great success; something which cannot be said by i.e. TG. 

Good points 

 

For point 1, i think that’s a bit more complex… Thai has got to have the operating infrastructure (ie staff etc) to be able to add capacity from the beginning…  and given a large percentage of operational staff have some degree of licensing requirements (ie pilots license, cabin crew certification, maintenance licensing etc) so it’s going to take time to find these people - and get them

properly licensed and trained.

 

but I think before that question is even considered, I think TG has got to be able to see demand *for where they fly* and think that’s what’s holding them back.. Until a few weeks ago, pretty much most all China travel was off limits .. and even HKG had some level of depressed demand due to lingering C19 entry rules..  So i think TG has to rework their network given the new reality of where to fly, who is flying and what the market looks like today.

 

For point 2… I agree.. but i also think now is the time for TG to rework their fleet. Many of those stored aircraft will never fly again due to operating economics and network realities .. so given where the market is for TG today, I think it’s a good time to bring their fleet up to current standard - that will help drive down costs (CASM) even a .25% (25bp) reduction in CASM can mean billions of bahts, up operational reliability and i think perhaps most visually, improve the passenger-facing hard product. 

 

Point C.. Yes.. while I get it.. as a matter of national pride, you’d want a “hometown” CEO and leadership team.. but I think given TGs past history of leadership planning and execution missteps, it’s time to perhaps open up to a truly global candidate search and be willing to accept that what CEO talent TG needs right now maybe from a foreign source. 

Edited February 25, 2023 by new2here

[still kicking]

5 hours ago, sammieuk1 said:

Amazing Thailand where massive profits appear from thin air in no time at all ????

Nonsense just compare this with Qantas last year millions in the red and this year billions profit why do you hate Thai Airways 

[hotchilli]

7 hours ago, webfact said:

Thailand's flagship airline,

Once flagship airline... Once.

[PETERTHEEATER]

6 hours ago, steven100 said:

yes I'm sure you did    !    going from 19.7 Billion baht loss just a year ago to a 10 Billion baht profit   !!!!

 

An incredible accountant and his calculator ....  Amazing Thailand   !!! 

Their Chief Accountant used to work for TAT.

[sammieuk1]

1 hour ago, still kicking said:

Nonsense just compare this with Qantas last year millions in the red and this year billions profit why do you hate Thai Airways 

Sounds like its time for you to buy a load of shares and lets see in the fullness of time who talks the nonsense ????

[josephbloggs]

7 hours ago, actonion said:

Maybe T.O.T.  did their accounts

Yeah, they got the telephone company to do them.

[josephbloggs]

8 hours ago, sammieuk1 said:

Amazing Thailand where massive profits appear from thin air in no time at all ????

So you think they just make the figures up? Why didn't they just say they were profitable last year then so they didn't need to go into restructuring? Should be that easy in your mind and those of many ridiculous posters in this thread who have no idea about how companies are run.

Thai Air is a publicly listed company, all their accounts are publicly available, as is the independent auditor's report. You think they can just make numbers up? Seriously? 

Our company is audited each year by PwC and it is unbelievably thorough. For a publicly listed company it is insanely detailed. Read the auditor's reports and financial statements for yourself and then come back and tell us which bit was made up:

https://ir.thaiairways.com/financial-statements/

[sammieuk1]

34 minutes ago, josephbloggs said:

So you think they just make the figures up? Why didn't they just say they were profitable last year then so they didn't need to go into restructuring? Should be that easy in your mind and those of many ridiculous posters in this thread who have no idea about how companies are run.

Thai Air is a publicly listed company, all their accounts are publicly available, as is the independent auditor's report. You think they can just make numbers up? Seriously? 

Our company is audited each year by PwC and it is unbelievably thorough. For a publicly listed company it is insanely detailed. Read the auditor's reports and financial statements for yourself and then come back and tell us which bit was made up:

https://ir.thaiairways.com/financial-statements/

The whole country is built on things made up and disappearing faster, an audit by god almighty wouldn't convince most to change that view.????    

[steven100]

2 hours ago, josephbloggs said:

So you think they just make the figures up? Why didn't they just say they were profitable last year then so they didn't need to go into restructuring? Should be that easy in your mind and those of many ridiculous posters in this thread who have no idea about how companies are run.

Thai Air is a publicly listed company, all their accounts are publicly available, as is the independent auditor's report. You think they can just make numbers up? Seriously? 

Our company is audited each year by PwC and it is unbelievably thorough. For a publicly listed company it is insanely detailed. Read the auditor's reports and financial statements for yourself and then come back and tell us which bit was made up:

https://ir.thaiairways.com/financial-statements/

you do dream-on some times don't you .....   

[josephbloggs]

4 minutes ago, steven100 said:

you do dream-on some times don't you .....   

So you think a publicly listed and heavily audited company can just make up a figure for profit and publish it? It's not me who's dreaming here.

And what, exactly, would be the reason for them to lie about it to the stock exchange when it is a criminal offense? What would be the point? Their accounts are public and published. So, come on, tell me why they would lie and falsify their accounts, and why Deloitte and Touche would go along with it?  Plelase enlighten me oh extremely insightful non dreamer.

 

Try and give some reasoning and not just childish digs at the poster.

[steven100]

35 minutes ago, josephbloggs said:

So you think a publicly listed and heavily audited company can just make up a figure for profit and publish it? It's not me who's dreaming here.

And what, exactly, would be the reason for them to lie about it to the stock exchange when it is a criminal offense? What would be the point? Their accounts are public and published. So, come on, tell me why they would lie and falsify their accounts, and why Deloitte and Touche would go along with it?  Plelase enlighten me oh extremely insightful non dreamer.

 

Try and give some reasoning and not just childish digs at the poster.

TIT ....  don't believe anything here is true ...

[London Lowf]

20 hours ago, josephbloggs said:

Yeah, that's handy if you want to fly to Dubai. There's actually no other choice. 

I don't want to fly to Dubai but from LHR to HKT I have to make one stop so, if the flight timings are okay, I'm not bothered about where I transit.

 

Also, Thai have dropped the Economy luggage allowance from 30kg to 20kg - emirates is 25kg.

 

Having said all of that, if Thai started flying direct LHR-HKT like they did briefly for the 2021 Sandbox then I would be the prodigal passenger.

Edited February 25, 2023 by London Lowf

[zzaa09]

7 hours ago, NoshowJones said:

The airlines will need to try and stop skinning everyone with drastically increased plane fares trying to make up for their profits going down during the pandemic.

It is always the ordinary people who lose out when there is a pandemic or a war, never the capitalist minded big companies.

You probably have noticed that post-COVID recovery efforts by way of corporations, governments and respective economies is way out of hand - everything and anything has increased 2-4 fold, creating unnecessary inflationary measures for the majority [the working classes]. All are looking to recover their grotesque profits in an unsettling manner - across the board. 

 

As this thread is particularly targeting airlines and whatnot - we'll use it as an example.

The post-COVID era, as such applies to airlines and their yearn to recoup after being shut down for a year or more, has seen remarkable and petty charges for most everything airline related that they were never asking before. The current base behind why all airline ticketing is so outta sight today. We shouldn't expect any such downgrading in airline cost in the near or distant future.......this is already above the government subsidies and maintenance that they already receive and rely on - gouging the public is what they do. Using the false notion of COVID recovery as an excuse.

[zzaa09]

13 minutes ago, steven100 said:

TIT ....  don't believe anything here is true ...

This certainly would apply to officialdom and "authority" circles. They don't have to be true. 

Can manipulated the illusion any which way they choose. 

.....and we buy into it.

[steven100]

2 minutes ago, zzaa09 said:

This certainly would apply to officialdom and "authority" circles. They don't have to be true. 

Can manipulated the illusion any which way they choose. 

.....and we buy into it.

Thank you ....  and to believe otherwise is very naive ....   

[josephbloggs]

1 hour ago, steven100 said:

TIT ....  don't believe anything here is true ...

So no answer then, as usual. Thanks.

[DaveE13]

9 hours ago, NoshowJones said:

Emirates is fine apart from when returning to Thailand, when you get to Dubai, you can find you have about a 5K bus run to get to your terminal. The airport is absolutely huge.

Last time I had about a 3 hour layover at Dubai and it took me about 2 hours to get to the terminal for Thailand, and even at that, I got a woman with her family to take me to the terminal with them, I could very easily have missed my connecting flight.

I feel same as you. I love Emirates and their services and cabing staff are great but I have had a lot of times rushing for connections. So living in London I just prefer the covinience of getting to Lhr and getting on a direct flight knowing if there is a delay it won't be causing me problems when I change flights.  What I have found at the moment to go to bkk in May Eva is the cheapest and prices are coming down

[bangon04]

14 hours ago, steven100 said:

TIT ....  don't believe anything here is true ...

so where did I read that Thai Smile was making such a financial mess that they are considering the option of re-absorbing it into TG to mitigate the losses???

Edited February 26, 2023 by bangon04

[bangon04]

On 2/24/2023 at 4:20 PM, josephbloggs said:

Eva Air's 777s are on average 10 years old, so not a young fleet at all.

Thai's fleet are a similar average age, some very new, some older, but overall about the same as EVA.

Service is subjective. I find Thai's regional service good, their long haul service poor.

ok - put it another way - EVA has standards which make the customer feel that their aircraft are newer, cleaner and well-maintained.

[Mr Meeseeks]

On 2/25/2023 at 7:11 AM, 2baht said:

Is the profit not offset by the losses of the past decade?

500-600thb billion in the red was the last estimate, then it all went quite for whatever reason, now all the news is positive. 

[zzaa09]

4 hours ago, Mr Meeseeks said:

500-600thb billion in the red was the last estimate, then it all went quite for whatever reason, now all the news is positive. 

It's a miracle!!

Or.....the usual delusion.