Thai Airways 4th Quarter loss of $97.6 Million

Written by Your VIPTRIP Team on December 9th, 2011

9 December 2011
Thai Airways 4th Quarter loss of $97.6 Million
News reports state that Thai Airways International (TG) expects a fourth-quarter loss of THB3 billion ($97.6 million) owing to the flooding in Thailand, TG president Piyasvasti Amranand said in an interview with the Bangkok Times. He indicated that TG might report a loss for 2011 given the decline of both local and international passengers.

Amranand said, “This year will see the number of passengers drop to a historic low for the year-end high season, with a possibility that the traffic will remain low in January next year.” He added that travel advisories caused visitors to change destinations although several tourist destinations were not hit by the floods.

In the first nine months of the year, TG reported a net loss of THB4.81 billion, reversed from a THB11.96 billion net profit in the year-ago period. Passengers carried increased year-on-year 4.2% to 13.9 million and yield rose 7.1%, lifting revenue 9.8% to THB147.37 billion. Expenses increased 15%, owing mainly to a THB3.33 billion loss on foreign currency exchange and 41.5% hike in the cost of jet fuel.

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