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Thai Airways records recovery with US$782 million profit in 2023


webfact

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54 minutes ago, newbee2022 said:

Last week I watched a report about world wide airfare prices: 5% was added by higher fuel costs, salaries, regular costs aso. However, 30% is just grabbing profit. Because they can🥳

Good luck to them.

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10 hours ago, webfact said:

Thai Airways International Public Company Limited witnessed a significant rebound in its earnings following an increase in air travel demand. The airline reported a net profit of 28.1 billion baht (US$782 million) in 2023, a substantial recovery from the 272-million-baht loss experienced in the previous year.

Amazing turn-around... 

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6 hours ago, JoePai said:

Not surprised with the prices of their quoted airfares 

Cheapest flight I could get to the UK last July. May have been cheaper ones with lesser known airlines with out of the way routes but beat Qatar, Emirates, BA etc..

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It's not going to last. The wave of tourism after COVID was to be expected and all the airlines are cashing in on the bonanza. Many of the airlines that flew to Thailand have either not yet started up or if the have they are not anywhere near the amount of flights pre COVID. Cathay for instance ditched it regional airline Dragon Air completely retrenching pilots and staff and selling off aircraft. Thai air buying new aircraft is a good sign as it means increased flights and if they are doing it so is everyone else which will translate into an over supply and competition which will result in lower fares. Unless they come up with another pandemic but hopefully the majority of people will have learned from the first one but I ain't hopeful on that front.

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They must have been employing many very creative accountants. Having avoided bankruptcy, soon will be getting more loan and then another bankruptcy, the same old pattern as usual. The same old trick the management shamelessly are never tired of.

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Will they now honor their royal orchid miles for hotel awards? 
 

This method of spending miles was removed when they went into administration. Seems quite dishonest to let people accrue miles then not allow them to spend them. 

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1 hour ago, JCCR6 said:

This method of spending miles was removed when they went into administration. Seems quite dishonest to let people accrue miles then not allow them to spend them. 

It is called CONTEMPT for all who are / were loyal to them.

I fly 4 times each year and used to fly all over the place in domestic but up to now after god knows how many years I do not appear to have accrued enough Airmiles for even a ONE WAY internal flight after spending thousands of GB pounds with them

 

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14 hours ago, webfact said:

image.jpeg

 

Thai Airways International Public Company Limited witnessed a significant rebound in its earnings following an increase in air travel demand. The airline reported a net profit of 28.1 billion baht (US$782 million) in 2023, a substantial recovery from the 272-million-baht loss experienced in the previous year.

 

This is the second-highest annual net income recorded by the company, surpassed only by the 55-billion-baht profit in 2021, primarily attributed to an 81.5 billion baht gain from debt restructuring.

 

The operating profit, excluding one-time items, also saw an upturn, reaching 24.6 billion baht, a stark contrast to the 4.59-billion-baht loss in 2022. The total operating revenue witnessed a 53% surge, amounting to 161 billion baht. However, the carrier has not released its fourth-quarter earnings yet, reported Bangkok Post.


Passenger numbers grew substantially, reaching 13.76 million, marking a 53% increase from 2022, when Thailand began to lift Covid-related travel restrictions. The airline also reported a one-time gain of 3.96 billion baht from debt restructuring, in comparison to a 5.24-billion-baht loss from similar transactions the previous year.


This marks only the third time Thai Airways has reported an annual profit since 2013. The airline, which filed for bankruptcy protection in 2020, managed to secure an agreement from most creditors to extend terms and reduce some interest repayments as part of a rehabilitation plan. Currently, it plans to conclude its court-supervised debt restructuring ahead of schedule, by the end of 2024.

 

In response to increasing passenger demand, Thai Airways recently agreed to order 45 aircraft from Boeing Co, with an option to extend the order to 80. The United States planemaker confirmed this order to be the largest in Thai history. The airline also intends to add three new Airbus A350-900 aircraft this quarter to accommodate a surge in bookings.


In addition, Thai Airways confirmed the completion of its capital restructuring by 2024 to bolster its financial status and allow for the resumption of stock trading on the Thai exchange in 2025. The shares have been suspended from trading since May 2021.

 

In related news, Transport Minister Suriya Juangruangreangkit announced that the Civil Aviation Authority of Thailand (CAAT) is in discussions with six airlines in Thailand, including Thai Airways, to increase the number of flights during holidays and reduce the flight price ceiling to address high fares.

 

by Alex Morgan

Picture courtesy of Thai Airways

 

Source: The Thaiger 2024-02-24

 

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4 hours ago, dogfish180 said:

So why are there still 20+ Thai Airways planes parked up behind the terminal since Covid? 🤔

 

Because they have been rotting for the last 4 years in the humidity and tropical weather, are fuel inefficient and the costs of servicing them back into fleet usage would be immense. THAI had way too many different aircraft types and was a vanity project and a gravy train for far too many. With a streamlined modern, fuel efficient fleet (B787s etc.), they can maximise their hardware and staffing efficiency.

 

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2 hours ago, RichardColeman said:

Wow !! Who'da thought if you raised your prices 60% and there was little competition you would take go into profit ! I'm quite sure if BA were still flying direct to BKK their profits would be down more on the UK flights !

 

BA are not currently flying into BKK as they don't have enough planes after scrapping all their B747s. They took the B777s used for BKK and used them for more profitable routes such as North America. I am told by a friend, who was a route scheduler at BA that they will likely recommence the route once new plane orders are delivered.

 

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