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Thai Airways Expects to Book Profits Next Year
16th Nov 2019
Flag carrier Thai Airways International Public Company Ltd. is optimistic about its business operations as it expects to swing to profitability next year amid its efforts to reduce operating expenses and boost revenues.
Thai Airways President Sumeth Damrongchaitham said on November 15 that the airline is expected to incur a net income starting 2020 as against a projected net loss for full-year 2019.
He said that net losses recorded for the past few years were normal amid cut-throat competition with low-cost carriers, dumping fares to win more passengers.
“More than 20 airlines worldwide have shut down [recently], including large ones,” Damrongchaitham emphasized.
The airline saw its net loss during the first nine months of the year narrowed by 21 percent to 10.91 billion baht from the 13.91 billion baht registered in the same period last year, indicating that the airline was recovering. It expects losses to narrow further amid a projected 8-percent increase in passenger volume by year-end.
However, net loss during the third quarter rose by 27 percent to 4.68 billion baht from the 3.69 billion baht recorded year-on-year as revenues dropped by 6.1 percent to 45.02 billion baht from 47.95 billion baht.
The company’s capital expenditures (capex) fell by 7.8 percent to 47.86 billion baht during the first nine months. Damrongchaitham said that the company normally cuts its capex in the third and fourth quarters of every year in a bid to increase revenues.
Thai Airways said as part of its measures to be profitable, it has embarked on cost-cutting measures such as deferring unnecessary investments, overhauling work processes, and cutting employees’ benefits, among others.
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