BANGKOK, 19 November 2021: Thai Airways International and its subsidiaries report an operating loss of THB21,491 million, excluding one-time transactions, for the first nine months of 2021.
The airline released financial details in its latest progress reports on its 2021 rehabilitation plan to Thailand’s stock exchange earlier this week.
Total revenue during the nine months reached THB14,990 million, lower than 2020 by THB29,230 million, representing a decline of 66.1%.
Expenses declined by 53.3% (down THB41,695 million) due to a decline in production, transport volume and cost-cutting measures over the nine months. Bottom line expenses stood at THB36,481 million.
THAI and its subsidiaries reported a net one-time revenue of THB73,084 million due to the implementation of the rehabilitation plan, such as debt restructuring, asset sales, and organisational restructuring. This enabled the airline and its subsidiaries to report a net operating profit of THB51,115 million baht for nine months.
As of 30 September 2021, the total assets of THAI and its subsidiaries were worth THB163,703 million, a decrease of THB45,594 million, representing a decline of 21.8% when compared to 31 December 2020.
The airline company’s total liabilities stand at THB240,196 million, a decrease by 28.9% to THB97,766 million or 28.9%.
Shareholders’ equity amounted to -THB76,493 million, a negative decrease of THB52,172 million compared with results declared on 31 December 2020.
The airline said its financial status and cash flow are sufficient for operations due to a new loan, which would enhance the Company’s ability in implementing the rehabilitation plan in Q1/2022.
In addition, “THAI increases its revenue competency through the development of ticket agent systems, direct marketing, and the adoption of information technology with the purpose of continual revenue and sustainable profit in the future.”
From this November, THAI and Thai Smile have increased services to cover 44 main domestic and international destinations, with over 400 flights per week carrying 1 million passengers.
Looking forward, the airline said, “passenger revenue should reach THB1 trillion in 2022.