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THAI Back in Black after 3 Years, Still Looking for President
1st Mar 2017
Thai Airways International (THAI) is back in black after making losses for three years in a row, but it’s nothing to pat their backs for. THAI was able to make profit for 2016 largely thanks to lower restructuring costs and lower oil and fuel expenses than its own improved operations.
THAI’s net profit for 2016 was 15 million baht, compared to a 13 billion baht loss in 2015. The carrier saw its passenger numbers go up 4.8%, with average passenger fare paid by km falling down 4.5%. At the same time, operating revenue dropped 4.3%. All this suggests that THAI is looking at some serious competition from low-costers.
The airline has mostly to than the 28% drop in oil and fuel costs for its net profit in 2016, but it also managed to keep costs from its restructuring plan lower as well.
Usanee Sangsingkeo, Thai Airways International acting president confirmed to media on Tuesday that the airline will look to gain more revenue in 2017 from its passenger and cargo services.
She also added:
We will also continue on the reform plan.
At the same time, THAI Executive Vice President of Human Resources Kanok Thongpurk said the carrier is not planning any more “large scale” retirement programs for the current year and will instead focus on “giving more incentives to workers”.
Compared to 2015, only a third of that number applied for Thai Airways retirement programs, meaning that the compensation for early retirement by employees fell down 70%.
In the meantime, Thai Airways employees received a wage an average wage hike of 6% since January. That’s including executives.
While all this is going on, THAI still has to deal with choosing a new president. Charamporn Jotikasthira stepped down from the position earlier this month (9th February) after spending two years on the post and the company was supposed to choose his successor by now.
Only, it hasn’t and it still has to pick one name from a list of eight candidates that applied for the position. In the meantime, Usanee Sangsingkeo will temporarily fill in as the acting president of Thai Airways International.
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