Thai Airways International (THAI) reported a net loss of THB 12.75 billion (about AUD 27 million) for the second quarter of this year. The adverse result, up 66.52% year-on-year, is partly due to termination benefits under an early-retirement program. Foreign exchange losses hit home as well.
It sharply reversed a rosy first quarter, when THAI posted a net profit of THB 4.54 billion, flowing from a travel boom and foreign exchange gains.
THAI president Charamporn Jotikasthira, in filing to the Stock Exchange of Thailand (SET) last Thursday, blamed the blowout on severance payments for the early-retirement program (THB 3.72 billion), foreign exchange losses (THB 3.68 billion) and an impairment loss of assets and aircraft (THB 426 million).
MEANWHILE, Thai AirAsia (TAA), Thailand’s largest low-cost carrier, declared a rather different result – a net profit of THB 374 million (AUD 14.4 million), a turnaround from the loss of THB 318 million it suffered in the previous period.
TAA chief executive Tassapon Bijleveld said yesterday the airline carried 3.54 million passengers with an average load factor of 80% in the second quarter, 2% higher than the same period last year.
For the first half of 2015, the airline carried 7.24 million passengers, up 22% year-on-year.
Written by Peter Needham