Popular Post webfact Posted February 23 Popular Post Share Posted February 23 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 - Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. Get our Daily Newsletter - Click HERE to subscribe 1 1 1 2 Link to comment Share on other sites More sharing options...
Georgealbert Posted February 23 Share Posted February 23 Full company/management data and their analysis of the 2023 performance release by Thai Airways. https://ir.thaiairways.com/wp-content/uploads/2024/02/20240223-thai-mdna-y2023-EN.pdf 1 Link to comment Share on other sites More sharing options...
Popular Post JoePai Posted February 24 Popular Post Share Posted February 24 Not surprised with the prices of their quoted airfares 1 1 1 1 9 Link to comment Share on other sites More sharing options...
Popular Post newbee2022 Posted February 24 Popular Post Share Posted February 24 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🥳 3 1 1 5 Link to comment Share on other sites More sharing options...
Boedog Posted February 24 Share Posted February 24 Thats a lot of envelopes to hand out, let the pocket lining begin 1 Link to comment Share on other sites More sharing options...
goatfarmer Posted February 24 Share Posted February 24 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. 1 Link to comment Share on other sites More sharing options...
Popular Post Funkymover Posted February 24 Popular Post Share Posted February 24 of course they have, they are charging double price , uk to thailand in summer is £1400 return , used to pay £600 - £650, before the putin war 2 1 3 Link to comment Share on other sites More sharing options...
Popular Post Advocatus Diaboli Posted February 24 Popular Post Share Posted February 24 1 hour ago, Boedog said: Thats a lot of envelopes to hand out, No … they made that profit by not handing out brown envelopes … it’s now the Stationary suppliers that have had their profits slashed. 3 Link to comment Share on other sites More sharing options...
ravip Posted February 24 Share Posted February 24 Thai Airways records recovery with US$782 million profit in 2023 This might disappoint and anger a many around! So... let the tide in 1 1 Link to comment Share on other sites More sharing options...
hotchilli Posted February 24 Share Posted February 24 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... 1 Link to comment Share on other sites More sharing options...
alanrchase Posted February 24 Share Posted February 24 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.. 1 Link to comment Share on other sites More sharing options...
Dukeleto Posted February 24 Share Posted February 24 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. 1 1 1 Link to comment Share on other sites More sharing options...
dogfish180 Posted February 24 Share Posted February 24 So why are there still 20+ Thai Airways planes parked up behind the terminal since Covid? 🤔 1 1 Link to comment Share on other sites More sharing options...
Popular Post PETERTHEEATER Posted February 24 Popular Post Share Posted February 24 Have all those people owned refunds for cancelled flights by Thai Airlines been repaid? 3 1 2 Link to comment Share on other sites More sharing options...
Perhaps2more Posted February 24 Share Posted February 24 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. 1 Link to comment Share on other sites More sharing options...
RichardColeman Posted February 24 Share Posted February 24 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 ! 1 Link to comment Share on other sites More sharing options...
Kangeroonuts Posted February 24 Share Posted February 24 Love Skyscanners advert flashing away UK to Bangkok £411 click bait actually £852 1 Link to comment Share on other sites More sharing options...
JCCR6 Posted February 24 Share Posted February 24 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. 2 Link to comment Share on other sites More sharing options...
Jimjim1 Posted February 24 Share Posted February 24 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 1 Link to comment Share on other sites More sharing options...
SanSaiExPat Posted February 24 Share Posted February 24 14 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. 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 - Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. Get our Daily Newsletter - Click HERE to subscribe Did they cut their overhead and get rid of the excessive and unnecessary administrative and management? Link to comment Share on other sites More sharing options...
Popular Post n00dle Posted February 24 Popular Post Share Posted February 24 5 hours ago, Boedog said: Thats a lot of envelopes to hand out, Just stop with the stupid envelope <deleted>, come up with something original to say. 1 1 1 2 Link to comment Share on other sites More sharing options...
soi3eddie Posted February 24 Share Posted February 24 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. Link to comment Share on other sites More sharing options...
soi3eddie Posted February 24 Share Posted February 24 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. Link to comment Share on other sites More sharing options...
bristolgeoff Posted February 24 Share Posted February 24 Not a expert on aviation but the covid period is pretty much over and people are travelling again.Before anyone travels check the prices that is a must Link to comment Share on other sites More sharing options...
Kalasin Jo Posted February 24 Share Posted February 24 Bit of a miracle isn't it? And that's quite an order for new planes! Link to comment Share on other sites More sharing options...
Popular Post Toby1947 Posted February 24 Popular Post Share Posted February 24 (edited) Pleased to announce the thieving b*at*rds never got a single baht of mine. Absolute sh*te airline. Edited February 24 by Toby1947 1 3 1 1 1 Link to comment Share on other sites More sharing options...
Popular Post scottiejohn Posted February 24 Popular Post Share Posted February 24 (edited) 37 minutes ago, Toby1947 said: Pleased to announce the thieving b*at*rds never got a single baht of mine. Absolute sh*te airline. If, as you imply, you have never paid for a flight with them and have therefore never used them how do you know how good or bad they are as you obviously have no first hand knowledge of them? Edited February 24 by scottiejohn 1 1 2 Link to comment Share on other sites More sharing options...
ThailandRyan Posted February 24 Share Posted February 24 Pigs must be flying somewhere.....no pun intended. 1 Link to comment Share on other sites More sharing options...
DonniePeverley Posted February 25 Share Posted February 25 It's pretty clear imo that airlines are in cahoots together to price guage. 1 1 Link to comment Share on other sites More sharing options...
Skipalongcassidy Posted February 25 Share Posted February 25 So many opposed to a company who turned around their financial woes... made their first profit since 2013... so much for the support of free enterprise... 555 1 Link to comment Share on other sites More sharing options...
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