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Positive outlook for Thai Airways
20th Jul 2022
The July progress report for Thai Airways indicates a positive prognosis for Thailand's flag airline, which aims to complete its financial rehabilitation plan faster than anticipated. Increased passenger traffic has boosted the airline's earnings, but lowering expenses, selling stock, and pursuing debts have helped Thai Airways get back on track.
Thai Airways asked for a change to the airline's current recovery plan in a petition to the Central Bankruptcy Court on July 1. A government official accepted the petition yesterday.
According to the report, the airline had net cash reserves of 14 billion baht as of June 30. Therefore, Thai Airways may require an investment of 12.5 billion baht less than the 50 billion baht authorised by the restructuring programme.
In recent months, the average number of passengers utilising Thai Airways has reached 12,655 per day, resulting in a considerable growth in the airline's passenger-related earnings. In comparison to January of this year, passenger traffic has surged by a factor of six.
However, Thai Airways has built up its financial reserves by reducing expenses in every division. Thai has decreased its annual expenses by a staggering 73%, from 29.4 billion to 7.9 billion baht.
The airline has reduced its operational expenses by 8,500,000,000 baht by decreasing its fleet from nine to four kinds of aircraft. The airline has sold 11 Boeing 737-400s, 1 Airbus 340-500s, and 4 Airbus 340-600s, and is in the process of selling 18 other aircraft. The total number of aircraft in the fleet has been reduced to 43.
Additionally, annual maintenance expenditures have been lowered by 4.5 billion baht.
Thai Airways has also asked the Royal Thai Air Force and the Royal Thai Police to pay back late payments so that it can have more money on hand.
The enterprising airline has even generated 9.5 billion baht through the sale of non-core business prospects, including the auctioning of merchandise and aeroplane tickets on its Facebook page, TG Warehouse Sale. The airline also rented out space in its headquarters to generate revenue.
Now that virtually all of Thailand's travel restrictions have been lifted, the airline expects things to continue to improve. Nond Kalinta, executive vice president for commercial affairs at Thai, forecasts...
"We anticipate that this year's peak season will see the most passengers in the past two years. The airline anticipates 4.48 million passengers for the entire year and a total income of 80 billion baht as a result of the removal of international travel restrictions on July 1."
Thai Airways also intends to reintroduce older aircraft. The airline will deliver 3 A330-300S and 2 Boeing 747-400ER planes. The revived aircraft will be used on routes with strong demand to South Korea, Singapore, and Japan.
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