Thai Airways improves with 1H profit

(PHOTO: Shutterstock)

Thai Airways International said on Monday (16 August) that it posted a net profit in the first half of 2021 thanks to the restructuring of the company as part of a court-approved reorganisation The airline said its net profit hit 11.1 billion baht (US$333 million), reversing a 28 billion baht loss it recorded in the same period in the last year. This was due to contributions to its bottom line from selling off assets and adjusting employees’ benefits. As of June, the shareholder equity of the airline improved marginally to minus 116.4 billion baht from minus 128.6 billion baht. Its total assets declined by 19 percent, while liabilities were reduced by 16 percent.

The Stock Exchange of Thailand has said it will delist Thai Airways from its main SET index on 18 August, although SET President Pakorn Peetathawatchai told the news outlet Nikkei Asia in June that he would not choose to delist the national flag carrier as long as it stays on its rehabilitation course. Keeping it a listed entity would help the airline to operate in a transparent manner as it would have to report on its progress, he said.

The airline said it also booked a profit of 2 billion baht from selling off its assets. Thai Airways raised most of it from selling off its 15.5 percent stake in Bangkok Aviation Fuel Services to energy company Ratch Group. It also earned 95 million baht from selling the shares of budget carrier Nok Air in the secondary market.

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