Thai Airways International (THAI) Plc’s operating loss narrowed 84% last year after Thailand eased pandemic-related border restrictions and tourists started to come back to the popular Southeast Asia holiday destination.
The national carrier’s operating loss excluding one-time items came in at 4.6 billion baht (US$133 million) in 2022, down from a 29.2 billion baht deficit in 2021, THAI said in an exchange filing Friday.
THAI’s net loss for the period was 252 million baht versus a 55 billion baht profit a year earlier, when the company booked a one-time gain of about 62 billion baht from a debt restructuring. Total operating revenue in 2022 jumped 342% to 105 billion baht.
THAI plans to exit from a court-supervised debt restructuring earlier than scheduled in late 2024 as a rebound in global air travel boosts its cash flow and reduces the need for new loans. The airline, which has posted net losses every year barring two since 2013, filed for bankruptcy protection in 2020 before most creditors agreed to extend terms and cut some payments as part of its $5.3 billion rehabilitation plan.
The airline also said it plans to increase flight frequencies and add new routes, as well as expand its fleet, according to Friday’s statement. The carrier’s stock should also be able to resume trading in 2025, it added.
THAI did not provide any fourth-quarter earnings results.
In a separate filing, Asia Aviation Pcl, the operator of Thailand’s largest budget carrier Thai AirAsia, reported a profit of 3.1 billion baht for the fourth quarter ended Dec 31, compared with a net loss of 993 million baht the same period a year earlier. Revenue more than tripled to 12.5 billion baht.
