BANGKOK, 26 September 2019: Despite reporting heavy losses in its financial year 2018, the Thai Airways International Board of Directors meeting earlier this week gave the thumbs up to the airline’s president, Sumeth Damrongchaitham.
The board of directors’ meeting chaired by the airline chairman, Ekniti Nitithanprapas, completed an annual evaluation of the THAI president’s performance saying that based on Key Performance Indicators (KPI), agreed on when he was appointed, he had shown commitment and dedication to the airline’s restructuring projects.
However, they noted that due to various external and internal factors the performance had fallen short of some of the targets.
The president may have gained pass marks in the routine examination, but the board told him to speed up the company’s crisis recovery plans related to revenue generation and administration to further reduce unnecessary operational costs without impacting on safety and service standards.
It was added to the KPIs that will benchmark the next evaluation in six months.
The Board of Directors instructed the president to revise the existing aircraft acquisition plan to take into consideration the current industry environment and to reconsider investment fund sources.
In its remarks, the Board of Directors said it was “fully aware of the concerns over THAI’s situation which have mounted over the past decades caused by various external factors and fast-changing global transportation industry.”
Financials
In 2018, the airline’s net loss increased to THB11.6 billion from THB2.11 billion in 2017. The airline reported a loss of THB6.8 billion in the second quarter of 2019 according to a filing to the Stock Exchange of Thailand. Year-on-year revenue decreased by 10%.
