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Tuesday, March 28, 2023

Thai Airways records first full-year net profit since 2016

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In 2021, Thai Airways International recorded its first full-year consolidated financial profit in five years.

Thailand’s flag carrier reported a full-year consolidated net profit of more than 55 billion baht (about $1.7 billion) in 2021, compared to the company’s worst-ever consolidated net loss of 141 billion baht (around $4.3 billion) in 2020 in its most recent financial report.

This huge improvement was aided by/resulted from a financial injection of 61.8 billion baht (about $1.8 billion) as part of a debt restructuring scheme and the sale of idle properties.

Despite the fact that 2021 was the first year the airline made a profit since 2016, when it achieved a 15 million baht ($459,000) consolidated net profit, one-time profits were not enough to prevent an operating loss of 19.7 billion baht (about $604 billion).

Meanwhile, income for the whole year of 2021 plummeted to 23.7 billion baht ($724 million), down 51% from revenues in 2020.

Thai Airways flew only 190,000 passengers in December 2021, with a fleet of 67 planes, an almost 95 percent decline from the passenger number served in 2020. The airline’s fleet has been cut by 16 aircraft from 83 in 2020.

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