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THAI opts for natural hedging strategy
Vipaporn Jitsomboon
The Nation



BANGKOK: -- Thai Airways International is resorting to a natural hedging strategy to mitigate foreign currency fluctuation, amid realisation that it may suffer foreign exchange losses despite the big forex gain of Bt6 billion in the first quarter.

To offset some of the rapid baht appreciation over the past few months, THAI shifted its strategy to selling more baht-based revenue tickets along with better matching of its net long revenue positions with corresponding currency borrowings designed to mitigate the cash impact on THAI's operations.

"THAI is committed to addressing corporate risks, through offensive hedging in fuel and foreign exchange. We will ensure that expenses are in the same currencies as our revenue," said Sorajak Kasemsuvan, president of the airline.

In the first quarter, THAI reaped Bt6.13 billion in foreign exchange gains, up from Bt527 million in the same period a year earlier. This pushed its quarterly net profit to Bt8.295 billion, up by Bt3.05 billion or 58.3 per cent on year.

A natural hedge is the reduction in financial risk that can arise from the normal operating procedures. In this case, THAI will try to boost baht-denominated revenue.

The natural hedging will cover the company's borrowings, as the airline seeks more loans in the same currencies in their cash flow.

weak growth

Without foreign exchange gains, the net profit would be low, due mainly to weak growth in passenger and a drop in cargo business revenue.

A source from the airline admitted that the quarterly revenue of Bt54 billion missed the target, which was set at Bt57.49 billion.

Revenue from freight and mail decreased Bt649 million or 10 per cent.

THAI's own operating expenses increased Bt3.9 billion or 8.2 per cent, which is higher than the rate of increase in revenue resulting from higher traffic production, payment of staff performance incentive, and accrued annual staff welfare. However, depreciation expense decreased due to a change in accounting estimate extending aircraft useful life from 15 to 20 years.

The board of directors last week was informed by the management that ticket revenue structure would be adjusted, to raise revenue in strong currencies like the baht. As the Japanese yen is weakening, sale in Japan will be downsized. Meanwhile, domestic airfares will be raised, but according to the competition environment.

At present, THAI earns 30 per cent of ticket revenue in baht and 70 per cent in over 50 currencies. The foreign income is managed according to the foreign exchange rates of the baht against the major currencies like the US dollar and Japanese yen.

THAI chairman Ampon Kittiampon reportedly assigned Teerasak Suwannayos, a director who chairs the cash flow management committee, to complete a study on foreign exchange impacts. Teerasak has also been assigned to find out how to maximise the natural hedging and to maintain yield.

A company that has a significant portion of its sales in one country will have a natural hedge for at least part of its currency risk if it also has operations in that country generating expenses in the currency. Firms may act to increase natural hedges by changing sourcing, funding, or operational decisions, but natural hedges are less flexible, and more difficult to reverse, than financial hedges.

In the first quarter, THAI enjoyed 69.2 per cent load factor against 69.6 per cent in the same period last year. With cabin factor of 79.8 per cent against 78.2 per cent, it carried 5.69 million passengers in the quarter, up 10.3 per cent from the same period last year. Freight load factor dropped 3.5 per cent from 54.4 per cent to 50.9 per cent.


-- The Nation 2013-05-13

[Thai at Heart]

Meanwhile, domestic airfares will be raised, but according to the competition environment.

Natural hedge? We intend to gouge the domestic market because we can?

[bigbamboo]

I wish people involved with aeroplanes wouldn't use words like 'hedge'.

[Thai at Heart]

Note the total lack of the word competitive in this article.

[yoshiwara]

Maybe Thai airways should spend a little more time focussing on passenger issues namely the poor cramped seating on their new plane configurations and appalling food quality now provided. Hedging can only go so far.

[lomatopo]

At present, THAI earns 30 per cent of ticket revenue in baht and 70 per cent in over 50 currencies.

This imbalance, and associated risk presents as much of a challenge as managing/hedging fuel and labor; two of the two largest CASM factors.

It also helps people to understand traffic patterns, and why, for example, LHR-BKK-LHR is less expensive than BKK-LHR-BKK.

[davidmann]

try flying air france

[Payboy]

However, depreciation expense decreased due to a change in accounting estimate extending aircraft useful life from 15 to 20 years.

They would make even more book profit if they extended that to 50 years.

[GrantSmith]

"In the first quarter, THAI reaped Bt6.13 billion in foreign exchange gains, up from Bt527 million in the same period a year earlier. This pushed its quarterly net profit to Bt8.295 billion, up by Bt3.05 billion or 58.3 per cent on year."

One wonders what the wise Finance Minister has to say about this...

[GentlemanJim]

so really the airlines President admits that they are a failing business, going right down the toilet in fact with diminishing passenger numbers, overly expensive operating costs and a huge reduction in cargo. The only thing that has made the books look good are easy gains made from currency fluctuations. IF or rather when the baht takes on an appearance and value that truly matches the economic situation in this country, Thai Airways will go down faster than a hooker tending to the needs of a billionaire suffering from premature ejeculation. a really fast thing

[Thai at Heart]

At present, THAI earns 30 per cent of ticket revenue in baht and 70 per cent in over 50 currencies

Sounds very very complicated, but I think one could work out that about 5 currencies make up 90% of the 50 currencies.

They really do seem to be in a tough spot now though, although quite why they think that the right response would be to put up domestic tickets. Surely just about every airline in the world is facing similar issues. Last year we had 22mn tourists coming TO Thailand. Why aren't they flying Thai airways????? How much of this increase in tourists who have flown into the country has Thai airways missed out on?

I seem to think that as pointed out, that booking LHR BKK LHR being less than the other way around is something that should be addressed. Of course, I haven't booked a ticket that way rouind for many years, but is Thai really uncompetitive versus other airlines exiting LHR to come to Bangkok?

Edited May 13, 2013 by Thai at Heart

[hellodolly]

Maybe Thai airways should spend a little more time focussing on passenger issues namely the poor cramped seating on their new plane configurations and appalling food quality now provided. Hedging can only go so far.

I haven't flown in there new planes yet and not likely to ever fly in them.

I was younger a few years back and would often treat myself to a first class flight to and from Bangkok. I live in Chiang Mai. Only once out of four flights did I get a first class seat. The trips were round trips and it was a return flight that had the marginal first class seat.

[bkk_mike]

At least they've got TV screens on the flights to London now in economy. That had me avoid flying with them for years...

And they're way better than flying BA if you're over 6ft. (Not saying my 6'6" nephew wouldn't have problems, but then he has problems everywhere...)

[ginjag]

Swampy and Thai seem to have the same problems, is it because of government control ??? or a coincidence ??

From new the airport has had enormous problems and is getting worse.

From old Thai have been losing out to other airlines on long haul routes, What happened to the Thai near domination of Lhr-Bkk, all thos 30 years ago. Lack of investment in newer Jumbo's, and updated interiors-pricing themselves out the market with inferior dated planes-this is why I dropped them on my international trips.

If they had run the job better all them years ago they could have added Manchester to their venues--but just let Emirates-Etihad-Turkish and the like walk in.

Now the new A380 is Frankfurt ??? not quite sure......maybe the brits are not welcome ??? BUT they were 30 years ago, when no Chinese were here.

[GrantSmith]

Now the new A380 is Frankfurt ??? not quite sure......maybe the brits are not welcome ??? BUT they were 30 years ago, when no Chinese were here.

What do the Chinese have to do with the A380 flying to FRA instead of LHR? Or are you saying that brits are no longer welcome in Thailand due to the increase in Chinese visitors?

The reason that TG opted to fly their A380 to FRA instead of LHR was probably determined on a number of factors. None of which I'm privy to. The "bums in seats" theory would have applied somewhere along the decision making line.

As for adding MAN to their lineup perhaps they did the figures and found that there wasn't enough revenue to be made.

[RubbaJohnny]

Truely awful showere tried to deny me boarding when they "lost " my visa in their computer system.

I went and paid to have acopy printed.

I suppose its really a taxi for the big Hi sos

They can gouge internal transfers now that the budget competitors have been relegated to Don Muang

Expect them to go the way of Olympic Aer Lingus and Alitalia,one day there will be real comptition and the others will wipe the floor with them AirAsiaat cheapo end and Cathay EVA and Chinese players for the cream.

[ginjag]

Now the new A380 is Frankfurt ??? not quite sure......maybe the brits are not welcome ??? BUT they were 30 years ago, when no Chinese were here.

What do the Chinese have to do with the A380 flying to FRA instead of LHR? Or are you saying that brits are no longer welcome in Thailand due to the increase in Chinese visitors?

The reason that TG opted to fly their A380 to FRA instead of LHR was probably determined on a number of factors. None of which I'm privy to. The "bums in seats" theory would have applied somewhere along the decision making line.

As for adding MAN to their lineup perhaps they did the figures and found that there wasn't enough revenue to be made.

Think your picking out bits is clever??? and twisting what I was trying to put over. You mentioned that I was connecting Chinese with FRA and LHR.----- <deleted>. I was trying to say that Thai neglected their big money run from LHR.

Nor did I say it was the Chinese fault. Merely pointing out that now they are the biggest numbers in tourism. Bums in seats--if you don't know why mention it ?? but I gree it could well have been a factor. My point again is IF they had got newer planes on the LHR run, and or updated interiors maybe the A380 would be on the run.

You defending a dying airline, re Manchester, if not enough revenue was to be made HOW is it that the airlines with BRAINS find the Manchester run is a viable run. Just to note, Emirates now run to Gatwick- LHR-Birmingham-Newcastle-Glasgow-Ireland. HHHMMMMM...not enough revenue to be had by Thai.

I fly Thai now to BKK-Udon Thani--Thai smile and found it good. Just pointing out some home truths about Thai policy over the 30 odd years. sorry if you didn't get my drift.

[GrantSmith]

Think your picking out bits is clever??? and twisting what I was trying to put over. You mentioned that I was connecting Chinese with FRA and LHR.----- <deleted>. I was trying to say that Thai neglected their big money run from LHR.

Nor did I say it was the Chinese fault. Merely pointing out that now they are the biggest numbers in tourism. Bums in seats--if you don't know why mention it ?? but I gree it could well have been a factor. My point again is IF they had got newer planes on the LHR run, and or updated interiors maybe the A380 would be on the run.

You defending a dying airline, re Manchester, if not enough revenue was to be made HOW is it that the airlines with BRAINS find the Manchester run is a viable run. Just to note, Emirates now run to Gatwick- LHR-Birmingham-Newcastle-Glasgow-Ireland. HHHMMMMM...not enough revenue to be had by Thai.

I fly Thai now to BKK-Udon Thani--Thai smile and found it good. Just pointing out some home truths about Thai policy over the 30 odd years. sorry if you didn't get my drift.

Do I think quoting the relevant parts that I was replying to clever? On the contrary, I think it's just basic common sense. I didn't selectively quote what you said to make you look any less intelligent.

But far be it from me to lecture you on grammar and sentence structure. However, if that was indeed the point you were trying to make, you certainly had a confusing way if going about it.

I didn't imply there was a link in your argument between the Chinese, FRA and LHR - I was simply asking how it all ties in to your argument.

So where do the Chinese come into it? If by your reasoning, they are the largest group of tourists then why does Thai not fly the A380 to PEK, CAN or PVG?

Your theory regarding equipment and comfort levels being a factor for TG running the A380 on the BKK-LHR-BKK route is quite laughable. It's a business, not a fashion show!

Now onto the rest of your armchair expert commentary on how an airline like TG should be run...

How many Asian premium carriers fly similar routes to EK and co? None. CX flies to LHR and no other UK destination. SQ, other than LHR, flies to MAN which then carries on to MUC. Are these 2 airlines guilty of short sightedness as well?

Why does EK fly these routes? Because they can and because they have a monopoly on these routes anywhere ex-DXB.

I'm not sure how your BKK-UTH example ties in - after all you were bashing TG and now you're praising them and delivering home truths?

I need a lie down, your tennis argument is making me dizzy...

[ginjag]

Think your picking out bits is clever??? and twisting what I was trying to put over. You mentioned that I was connecting Chinese with FRA and LHR.----- <deleted>. I was trying to say that Thai neglected their big money run from LHR.

Nor did I say it was the Chinese fault. Merely pointing out that now they are the biggest numbers in tourism. Bums in seats--if you don't know why mention it ?? but I gree it could well have been a factor. My point again is IF they had got newer planes on the LHR run, and or updated interiors maybe the A380 would be on the run.

You defending a dying airline, re Manchester, if not enough revenue was to be made HOW is it that the airlines with BRAINS find the Manchester run is a viable run. Just to note, Emirates now run to Gatwick- LHR-Birmingham-Newcastle-Glasgow-Ireland. HHHMMMMM...not enough revenue to be had by Thai.

I fly Thai now to BKK-Udon Thani--Thai smile and found it good. Just pointing out some home truths about Thai policy over the 30 odd years. sorry if you didn't get my drift.

Do I think quoting the relevant parts that I was replying to clever? On the contrary, I think it's just basic common sense. I didn't selectively quote what you said to make you look any less intelligent.

But far be it from me to lecture you on grammar and sentence structure. However, if that was indeed the point you were trying to make, you certainly had a confusing way if going about it.

I didn't imply there was a link in your argument between the Chinese, FRA and LHR - I was simply asking how it all ties in to your argument.

So where do the Chinese come into it? If by your reasoning, they are the largest group of tourists then why does Thai not fly the A380 to PEK, CAN or PVG?

Your theory regarding equipment and comfort levels being a factor for TG running the A380 on the BKK-LHR-BKK route is quite laughable. It's a business, not a fashion show!

Now onto the rest of your armchair expert commentary on how an airline like TG should be run...

How many Asian premium carriers fly similar routes to EK and co? None. CX flies to LHR and no other UK destination. SQ, other than LHR, flies to MAN which then carries on to MUC. Are these 2 airlines guilty of short sightedness as well?

Why does EK fly these routes? Because they can and because they have a monopoly on these routes anywhere ex-DXB.

I'm not sure how your BKK-UTH example ties in - after all you were bashing TG and now you're praising them and delivering home truths?

I need a lie down, your tennis argument is making me dizzy...

In short without twists and turns, Domestic Thai is good, if they keep their prices competative.

The Thai bashing that makes you dizzy is because you created your dizziness. I was not Thai bashing, but again pointed out that they failed over the years to update the LHR aircraft, and let other carriers overtake them,

I never mentioned the A380 in regards to equipment etc only that it was new and would be welcomed on LHR route.

To be on a jumbo the same one for 20 years tg916-917 without updates craning your neck trying to watch communal t.v.---and then upping the seat price without updates were their loss of passengers hence not putting the A380 on the route.

The 2 ing and frowing on the subject could go on so being dizzy there is no point disscussing this any further. I AM NOT THAI bashing for hells sake. stop trying to make browny points.

And sorry my gramma is not up to your standard.

[ratcatcher]

I wonder if that lovely flight attendant/hostess/cabin crew member etc, has 'natural hedging"?

[ratcatcher]

Think your picking out bits is clever??? and twisting what I was trying to put over. You mentioned that I was connecting Chinese with FRA and LHR.----- <deleted>. I was trying to say that Thai neglected their big money run from LHR.

Nor did I say it was the Chinese fault. Merely pointing out that now they are the biggest numbers in tourism. Bums in seats--if you don't know why mention it ?? but I gree it could well have been a factor. My point again is IF they had got newer planes on the LHR run, and or updated interiors maybe the A380 would be on the run.

You defending a dying airline, re Manchester, if not enough revenue was to be made HOW is it that the airlines with BRAINS find the Manchester run is a viable run. Just to note, Emirates now run to Gatwick- LHR-Birmingham-Newcastle-Glasgow-Ireland. HHHMMMMM...not enough revenue to be had by Thai.

I fly Thai now to BKK-Udon Thani--Thai smile and found it good. Just pointing out some home truths about Thai policy over the 30 odd years. sorry if you didn't get my drift.

Do I think quoting the relevant parts that I was replying to clever? On the contrary, I think it's just basic common sense. I didn't selectively quote what you said to make you look any less intelligent.

But far be it from me to lecture you on grammar and sentence structure. However, if that was indeed the point you were trying to make, you certainly had a confusing way if going about it.

I didn't imply there was a link in your argument between the Chinese, FRA and LHR - I was simply asking how it all ties in to your argument.

So where do the Chinese come into it? If by your reasoning, they are the largest group of tourists then why does Thai not fly the A380 to PEK, CAN or PVG?

Your theory regarding equipment and comfort levels being a factor for TG running the A380 on the BKK-LHR-BKK route is quite laughable. It's a business, not a fashion show!

Now onto the rest of your armchair expert commentary on how an airline like TG should be run...

How many Asian premium carriers fly similar routes to EK and co? None. CX flies to LHR and no other UK destination. SQ, other than LHR, flies to MAN which then carries on to MUC. Are these 2 airlines guilty of short sightedness as well?

Why does EK fly these routes? Because they can and because they have a monopoly on these routes anywhere ex-DXB.

I'm not sure how your BKK-UTH example ties in - after all you were bashing TG and now you're praising them and delivering home truths?

I need a lie down, your tennis argument is making me dizzy...

In short without twists and turns, Domestic Thai is good, if they keep their prices competative.

The Thai bashing that makes you dizzy is because you created your dizziness. I was not Thai bashing, but again pointed out that they failed over the years to update the LHR aircraft, and let other carriers overtake them,

I never mentioned the A380 in regards to equipment etc only that it was new and would be welcomed on LHR route.

To be on a jumbo the same one for 20 years tg916-917 without updates craning your neck trying to watch communal t.v.---and then upping the seat price without updates were their loss of passengers hence not putting the A380 on the route.

The 2 ing and frowing on the subject could go on so being dizzy there is no point disscussing this any further. I AM NOT THAI bashing for hells sake. stop trying to make browny points.

And sorry my gramma is not up to your standard.

ginjag, I bet your gramma is a lovely lady.

[ginjag]

I wonder if that lovely flight attendant/hostess/cabin crew member etc, has 'natural hedging"?

I'll bet she keeps it well trimmed/pruned. Don't beat about the bush ratcatcher

[ginjag]

Think your picking out bits is clever??? and twisting what I was trying to put over. You mentioned that I was connecting Chinese with FRA and LHR.----- <deleted>. I was trying to say that Thai neglected their big money run from LHR.

Nor did I say it was the Chinese fault. Merely pointing out that now they are the biggest numbers in tourism. Bums in seats--if you don't know why mention it ?? but I gree it could well have been a factor. My point again is IF they had got newer planes on the LHR run, and or updated interiors maybe the A380 would be on the run.

You defending a dying airline, re Manchester, if not enough revenue was to be made HOW is it that the airlines with BRAINS find the Manchester run is a viable run. Just to note, Emirates now run to Gatwick- LHR-Birmingham-Newcastle-Glasgow-Ireland. HHHMMMMM...not enough revenue to be had by Thai.

I fly Thai now to BKK-Udon Thani--Thai smile and found it good. Just pointing out some home truths about Thai policy over the 30 odd years. sorry if you didn't get my drift.

Do I think quoting the relevant parts that I was replying to clever? On the contrary, I think it's just basic common sense. I didn't selectively quote what you said to make you look any less intelligent.

But far be it from me to lecture you on grammar and sentence structure. However, if that was indeed the point you were trying to make, you certainly had a confusing way if going about it.

I didn't imply there was a link in your argument between the Chinese, FRA and LHR - I was simply asking how it all ties in to your argument.

So where do the Chinese come into it? If by your reasoning, they are the largest group of tourists then why does Thai not fly the A380 to PEK, CAN or PVG?

Your theory regarding equipment and comfort levels being a factor for TG running the A380 on the BKK-LHR-BKK route is quite laughable. It's a business, not a fashion show!

Now onto the rest of your armchair expert commentary on how an airline like TG should be run...

How many Asian premium carriers fly similar routes to EK and co? None. CX flies to LHR and no other UK destination. SQ, other than LHR, flies to MAN which then carries on to MUC. Are these 2 airlines guilty of short sightedness as well?

Why does EK fly these routes? Because they can and because they have a monopoly on these routes anywhere ex-DXB.

I'm not sure how your BKK-UTH example ties in - after all you were bashing TG and now you're praising them and delivering home truths?

I need a lie down, your tennis argument is making me dizzy...

In short without twists and turns, Domestic Thai is good, if they keep their prices competative.

The Thai bashing that makes you dizzy is because you created your dizziness. I was not Thai bashing, but again pointed out that they failed over the years to update the LHR aircraft, and let other carriers overtake them,

I never mentioned the A380 in regards to equipment etc only that it was new and would be welcomed on LHR route.

To be on a jumbo the same one for 20 years tg916-917 without updates craning your neck trying to watch communal t.v.---and then upping the seat price without updates were their loss of passengers hence not putting the A380 on the route.

The 2 ing and frowing on the subject could go on so being dizzy there is no point disscussing this any further. I AM NOT THAI bashing for hells sake. stop trying to make browny points.

And sorry my gramma is not up to your standard.

ginjag, I bet your gramma is a lovely lady.

Got you out of your dizzy spell with that one ??? Gran died long time ago, at 97. Thanks.

[GrantSmith]

In short without twists and turns, Domestic Thai is good, if they keep their prices competative.The Thai bashing that makes you dizzy is because you created your dizziness. I was not Thai bashing, but again pointed out that they failed over the years to update the LHR aircraft, and let other carriers overtake them,I never mentioned the A380 in regards to equipment etc only that it was new and would be welcomed on LHR route.To be on a jumbo the same one for 20 years tg916-917 without updates craning your neck trying to watch communal t.v.---and then upping the seat price without updates were their loss of passengers hence not putting the A380 on the route.The 2 ing and frowing on the subject could go on so being dizzy there is no point disscussing this any further. I AM NOT THAI bashing for hells sake. stop trying to make browny points.And sorry my gramma is not up to your standard.

So as long as TG keep their domestic prices competitive they are good? And what is competitive for you, Air Asia prices?

I created my dizziness? Well that must be it, thank you for diagnosis Dr ginjag - I do hope you won't be too offended if I seek a second opinion...

The aircraft that operate to LHR are also utilised to other destinations, let's have a look at the Australian routes for example. These routes have more flights or the same amount as LHR, why are they not getting the A380? What makes LHR so special?

You say, and I quote (without chopping your quote up to suit my argument)

I never mentioned the A380 in regards to equipment etc only that it was new and would be welcomed on LHR route.

and then earlier you said...

My point again is IF they had got newer planes on the LHR run, and or updated interiors maybe the A380 would be on the run.

If that's not mentioning equipment, I don't know what is...

As for TG bashing, well let's not go there, you've given plenty of evidence of that despite your protests to the contrary.

As for your assertion that I'm trying to earn brownie points? To whom am I trying to earn them with?

[473geo]

A couple of days ago I flew Thai to LHR, old 747, no seat back entertainment, on time, good food, plenty of available alcohol readily consumed by the guy next to me. Loved the seat space, enjoyed my book, no middle eastern stopover, all in all a good flight. I rarely use the seat back entertainment when available and actually prefer that little bit of extra space the old 747 seating offers.

Edited May 16, 2013 by 473geo

[ginjag]

In short without twists and turns, Domestic Thai is good, if they keep their prices competative.The Thai bashing that makes you dizzy is because you created your dizziness. I was not Thai bashing, but again pointed out that they failed over the years to update the LHR aircraft, and let other carriers overtake them,I never mentioned the A380 in regards to equipment etc only that it was new and would be welcomed on LHR route.To be on a jumbo the same one for 20 years tg916-917 without updates craning your neck trying to watch communal t.v.---and then upping the seat price without updates were their loss of passengers hence not putting the A380 on the route.The 2 ing and frowing on the subject could go on so being dizzy there is no point disscussing this any further. I AM NOT THAI bashing for hells sake. stop trying to make browny points.And sorry my gramma is not up to your standard.

So as long as TG keep their domestic prices competitive they are good? And what is competitive for you, Air Asia prices?

I created my dizziness? Well that must be it, thank you for diagnosis Dr ginjag - I do hope you won't be too offended if I seek a second opinion...

The aircraft that operate to LHR are also utilised to other destinations, let's have a look at the Australian routes for example. These routes have more flights or the same amount as LHR, why are they not getting the A380? What makes LHR so special?

You say, and I quote (without chopping your quote up to suit my argument)

I

never mentioned the A380 in regards to equipment etc only that it was new and would be welcomed on LHR route.

and then earlier you said...

My point again is IF they had got newer planes on the LHR run, and or updated interiors maybe the A380 would be on the run.

If that's not mentioning equipment, I don't know what is...

As for TG bashing, well let's not go there, you've given plenty of evidence of that despite your protests to the contrary.

As for your assertion that I'm trying to earn brownie points? To whom am I trying to earn them with?

Thai bashing is one thing, I do NOT THAI bash, I find fault if need be. Your over the top pro Thai is more evident than my hate for Thai. I take it you do not agree with anything I said--fine. If you think Thai has done a marvelous job over the last 30 years and kept it's customers happy-Think again and be more honest.

I don't protest, I try to give MY accurate opinion, It would be similar to British Airways, not a big favourate on the LHR-BKK. to name a few.

Ha Ha Browney points-in my opinion you pulling and picking at posters honest comments, Like your posts with me, doe's you no favours with posters, seen this over the years with others.

Did you agree with anything I posted ??? just curious. Smile sometimes it works wonders.

[Thereisnoif]

When any corporation derives over 65% of its total income from FX gains, there is something frigging wrong with the management of this company .

[GrantSmith]

A fine morning to you ginjag,

Thai bashing is one thing, I do NOT THAI bash, I find fault if need be. Your over the top pro Thai is more evident than my hate for Thai.

So you claim to not "THAI bash" yet you use the words "my hate for Thai" - An interesting perspective you have there. My "over the top pro THAI" as you put it, is nothing more than you would get had this argument been about any another airline. I've not stated that I support what TG has done on the BKK-LHR-BKK route.

So again where you're pulling your arguments from, I can only imagine that you know something that I don't.

I take it you do not agree with anything I said--fine. If you think Thai has done a marvelous job over the last 30 years and kept it's customers happy-Think again and be more honest.

I don't think that TG has done a "marvelous" job nor do I think they've done a marvellous job, but they've done what they've done as in their "opinion" it was the right one at the time. It could be argued that they've been able to sustain double daily flights on the BKK-LHR-BKK route, so essentially, they must be doing something right - I'll leave you to figure out what that "something right" is

I don't protest, I try to give MY accurate opinion, It would be similar to British Airways, not a big favourate on the LHR-BKK. to name a few.

As for your opinion being "accurate", that I'm sorry to say, is quite debatable. Don't get me wrong, it is your opinion and you're entitled to it, however, I would caution against claiming it is "accurate". Now when you mention BA, what are you trying to say? You don't like them or just not on the LHR-BKK-LHR route?

Ha Ha Browney points-in my opinion you pulling and picking at posters honest comments, Like your posts with me, doe's you no favours with posters, seen this over the years with others.Did you agree with anything I posted ??? just curious. Smile sometimes it works wonders.

Much to your to dismay, I'm not trying to score brownie points with anyone, if I were, I would be bringing others into our little "tête-à-tête". As for "pulling and picking at posters honest comments", go back through our little foray here and I've not misquoted you, nor chopped up your words to suit my comments.

Finally, as for me being able to agree with you, not too sure, give me a run down on your arguments and I'll let you know if there's any points we agree on