webfact Posted May 12 Share Posted May 12 Thai Airways International has announced plans to finalize its restructuring efforts later this year, marking a remarkable comeback from the financial woes brought on by the Covid-19 pandemic. The airline, based in Bangkok, has been working tirelessly to reduce its debts and revamp its operations amid a sharp decline in air travel caused by the global health crisis. With hopes high for a return to profitability, Thai Airways recently reported positive Q1 2024 results, signaling a promising path forward as it aims to relist on the stock market and regain its former standing in the industry. Despite facing bankruptcy protection in 2020, Thai Airways has undergone significant changes over the past four years, implementing a wide-ranging restructuring plan to revitalize the company. While the airline managed to stay profitable in Q1 2024, challenges remain, including rising operating costs and a decrease in restructuring gains that led to an 80% drop in net profit compared to the previous year. However, the airline saw an 11% increase in revenues, supported by a rise in passenger numbers. Looking ahead, Thai Airways is looking to expand its operations with new European routes and the addition of more Boeing and Airbus aircraft to its fleet. Picture courtesy: Wikimedia -- 2024-05-13 Get our Daily Newsletter - Click HERE to subscribe 1 1 1 Link to comment Share on other sites More sharing options...
still kicking Posted May 12 Share Posted May 12 Come on guys start picking on Thai not everybody comes from Europe. Nothing wrong with Thai if you come from Australia 2 1 Link to comment Share on other sites More sharing options...
Popular Post soi3eddie Posted May 12 Popular Post Share Posted May 12 Thai Airways service is back to pre-pandemic levels in my recent experience last month (BKK-LHR in Biz Class). Only problem for travellers is that fares have almost doubled since 2019. No wonder they have recovered. Less seats at higher prices, not difficult to make more money. Sacking the freeloading staff and stopping the junkets for well connected people in biz/first class makes a difference too. Shame that the A380s are retired - I hear from a friend that it's due to Airbus refusing to support them due to unpaid bills on "bancruptcy restructuring". Not sure if that's correct but would not be surprised. 2 3 Link to comment Share on other sites More sharing options...
Popular Post smedly Posted May 12 Popular Post Share Posted May 12 1 hour ago, webfact said: bankruptcy don't need to say any more have they learned from this.............I seriously doubt it 1 1 3 Link to comment Share on other sites More sharing options...
Georgealbert Posted May 12 Share Posted May 12 Thai Airways reported a quarterly net profit of Bt2.4 billion ($65.2 million), down 80% compared to the year-ago period, where it recorded gains from restructuring and foreign exchange rates. Revenue rose about 11% year on year to Bt46 billion, with passenger revenues up about 10%. Thai carried close to 3.9 million passengers during the quarter, representing a 10% increase against the year-ago period. Traffic and capacity both grew around 10% as well, with passenger yields holding steady against 2023 levels.” https://www.flightglobal.com/airlines/thai-airways-to-exit-restructuring-in-2024-as-first-quarter-profit-shrinks/158239.article This was helped as revealed by one of the Board of Directors who shared data which shows that Thai in 2023 was the world’s highest profit margin making airline, as Thai is reportedly charging the highest margin on its ticket sales among all airlines. This below was posted by Piyasvasti Amranaf who is an independent director. 1 Link to comment Share on other sites More sharing options...
Popular Post jacko45k Posted May 12 Popular Post Share Posted May 12 Is my recollection faulty in that they were in plenty of trouble pre-Covid? 2 2 2 3 Link to comment Share on other sites More sharing options...
findlay13 Posted May 12 Share Posted May 12 (edited) 4 hours ago, still kicking said: Come on guys start picking on Thai not everybody comes from Europe. Nothing wrong with Thai if you come from Australia Brisbane? Delusional Edited May 12 by findlay13 Link to comment Share on other sites More sharing options...
Popular Post findlay13 Posted May 12 Popular Post Share Posted May 12 (edited) They weren't bankrupt! They were restructuring ! ROTFLOL.I flew Thai exclusively until it took me three plus years to get my money back when they "restructured" LOL Edited May 12 by findlay13 1 2 Link to comment Share on other sites More sharing options...
hotchilli Posted May 13 Share Posted May 13 4 hours ago, webfact said: marking a remarkable comeback from the financial woes brought on by the Covid-19 pandemic. Second miraculous recovery this year... 2 Link to comment Share on other sites More sharing options...
Popular Post hotchilli Posted May 13 Popular Post Share Posted May 13 50 minutes ago, jacko45k said: Is my recollection faulty in that they were in plenty of trouble pre-Covid? Conveneintly forgotten 3 1 Link to comment Share on other sites More sharing options...
2baht Posted May 13 Share Posted May 13 4 hours ago, still kicking said: Nothing wrong with Thai if you come from Australia Want to bet? 🤔 Link to comment Share on other sites More sharing options...
fondue zoo Posted May 13 Share Posted May 13 14 minutes ago, hotchilli said: Second miraculous recovery this year... It is truly, The Hub of Miracles 1 Link to comment Share on other sites More sharing options...
hotchilli Posted May 13 Share Posted May 13 5 minutes ago, fondue zoo said: It is truly, The Hub of Miracles Indeed... Link to comment Share on other sites More sharing options...
ChrisY1 Posted May 13 Share Posted May 13 5 hours ago, still kicking said: Come on guys start picking on Thai not everybody comes from Europe. Nothing wrong with Thai if you come from Australia I'm Aussie and fly Thai everywhere, not just to Australia.....while so many say they're too expensive...I don't know why. Link to comment Share on other sites More sharing options...
ChrisY1 Posted May 13 Share Posted May 13 16 minutes ago, 2baht said: Want to bet? 🤔 OK...I'll bite. Which airline is better for s similar price? BKK--MEL/SYD Link to comment Share on other sites More sharing options...
RichardColeman Posted May 13 Share Posted May 13 Staggering recovery = staggering price increases of 30-40% Link to comment Share on other sites More sharing options...
bluejets Posted May 13 Share Posted May 13 (edited) 6 hours ago, still kicking said: Nothing wrong with Thai if you come from Australia True.....one thing they could do though is re-instate their Brisbane-Suvarnabhumi and return direct flights. Right PIA to have to travel down to Sydney and back, not only the time (loose a day each way) but costs approx. an extra $1500 for myself and the wife. Personally couldn't care less if Sydney sank into the harbour to be quite honest. Hotels and flights with Qantas(yuk) Edited May 13 by bluejets Link to comment Share on other sites More sharing options...
john smith Posted May 13 Share Posted May 13 The website is a dog's dinner. Sometimes it works and sometimes it does not. I am referring to my attempts to book a flight to Nepal in November. Initially the website insisted that I wanted to fly today and return today. Sometimes the booking calendar appeared. Sometimes it did not. Eventually my outward and inward dates were recognized. I tapped to book and the page returned to today's date. I give up. A travel agent can do it for me. There are lots of pretty pictures on the website I give them that. Link to comment Share on other sites More sharing options...
Rampant Rabbit Posted May 13 Share Posted May 13 2 hours ago, hotchilli said: Conveneintly forgotten along with all those missing covid refunds?? 1 Link to comment Share on other sites More sharing options...
metisdead Posted May 13 Share Posted May 13 A post with a trolling meme contravening our Community Standards has been removed. Link to comment Share on other sites More sharing options...
Mr Meeseeks Posted May 13 Share Posted May 13 Thai Airways liabilities are still close to 300 billion THB. You can put that reduction from 500 billion THB down to old fleet sales and debt restructuring, but it very much appears like nothing has changed. 1 1 Link to comment Share on other sites More sharing options...
Georgealbert Posted May 13 Share Posted May 13 1 hour ago, Mr Meeseeks said: Thai Airways liabilities are still close to 300 billion THB. You can put that reduction from 500 billion THB down to old fleet sales and debt restructuring, but it very much appears like nothing has changed. Yes agree, and those liabilities grew by 7.3% in 2023. 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...
PETERTHEEATER Posted May 13 Share Posted May 13 7 hours ago, Georgealbert said: Thai Airways reported a quarterly net profit of Bt2.4 billion ($65.2 million), down 80% compared to the year-ago period, where it recorded gains from restructuring and foreign exchange rates. Revenue rose about 11% year on year to Bt46 billion, with passenger revenues up about 10%. Thai carried close to 3.9 million passengers during the quarter, representing a 10% increase against the year-ago period. Traffic and capacity both grew around 10% as well, with passenger yields holding steady against 2023 levels.” https://www.flightglobal.com/airlines/thai-airways-to-exit-restructuring-in-2024-as-first-quarter-profit-shrinks/158239.article This was helped as revealed by one of the Board of Directors who shared data which shows that Thai in 2023 was the world’s highest profit margin making airline, as Thai is reportedly charging the highest margin on its ticket sales among all airlines. This below was posted by Piyasvasti Amranaf who is an independent director. British Airways did not make the list? How sad is that....🤔 Link to comment Share on other sites More sharing options...
john donson Posted May 13 Share Posted May 13 with all the profits now, will they pay back what they stole for years of losses on the tax payer? Link to comment Share on other sites More sharing options...
Georgealbert Posted May 13 Share Posted May 13 Thai Airways has completed the sale of 18 aircraft. “Thai Airways International (THAI) announced the successful completion of the sale of its entire fleet of 18 retired aircraft, comprising six Boeing 777-200s, six Boeing 777-300s, and six Airbus A380s. THAI CEO Chai Eamsiri confirmed on May 12 that sales agreements have been signed for all 18 aircraft. The airline has already completed the paperwork for six of the aircraft, with the remaining 12 expected to be finalised shortly.” https://www.khaosodenglish.com/news/business/2024/05/13/thai-airways-finalizes-sale-of-all-18-boeing-777-and-a380-aircraft/ Link to comment Share on other sites More sharing options...
placnx Posted May 13 Share Posted May 13 10 hours ago, PETERTHEEATER said: British Airways did not make the list? How sad is that....🤔 British Airways is IAG, #23 on the list. 1 Link to comment Share on other sites More sharing options...
Stargeezr Posted May 13 Share Posted May 13 If you read of an airline losing millions in a year, that is the amount of money lost in profit, compared with how much profit they thought they would get. No actual money was lost. I found this out with Air Canada loses, and I checked with my friend who works for them. That is why airlines can "lose" money every year and not actually go broke or bankrupt. 1 Link to comment Share on other sites More sharing options...
Wiggy Posted May 13 Share Posted May 13 On 5/13/2024 at 6:19 AM, jacko45k said: Is my recollection faulty in that they were in plenty of trouble pre-Covid? Correct. They were in massive trouble pre-Covid. They’re probably using it as an excuse to save a bit of face. 1 Link to comment Share on other sites More sharing options...
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