Thai Airways International (THAI) reported a nearly triple profit in the final quarter of last year, as foreign arrivals to Thailand picked up further.
According to an annual financial statement on Friday (24 Feb), the national flag carrier’s net income for the fourth quarter of 2022 rose to 11.15 billion baht from 4 billion baht registered a year earlier.
The financial statement, filed with the Thai Stock Exchange (SET), indicated that operating income for the period grew more than fivefold to 8.9 billion baht from a 2.6 billion baht deficit in the previous year, making the airline’s total revenue soar by 367% to 36.9 billion baht.
The statement also noted that THAI reported an 84.3% decrease in operating loss excluding one-time items to 4.59 billion baht last year, down from a 29.19 billion baht loss in 2021, while total operating revenue in 2022 increased 342% to 105 billion baht.
THAI’s new chief executive officer said earlier in February that after filing for bankruptcy protection in 2020, the carrier planned to exit its rehabilitation earlier than scheduled in late 2024 and resume trading on SET in two years.
Since early this year, THAI has started to operate flights to China’s major cities to meet the rising demand. It is also expected to boost the number of flights, add new routes and expand its fleet to achieve its rehabilitation plan. (NNT)