Following the tourism industry’s recovery, Thai Airways International (THAI) has reported that its monthly income is almost back to pre-pandemic levels.
Suvadhana Sibunruang, the airline’s interim CEO, stated that THAI had so far resumed around 70% of its international flights with a cabin factor (passenger load factor) of 85%.
Suvadhana reported that the better load factors contribute to the airline’s current monthly income of around 12 billion baht, down from 15 billion baht before the pandemic.
The THAI acting CEO highlighted that the airline has returned to profitability since May this year by decreasing costs and expenses, obtaining additional revenue sources, and shrinking its fleet from 103 to 61 aircraft following its bankruptcy filing in 2020.
In 2021, THAI declared a debt of approximately 400 billion baht. However, creditors accepted a revised rehabilitation plan in September this year due to a faster-than-anticipated recovery of the country’s tourism industry. The amended rehabilitation plan permits THAI to borrow only 25 billion baht by 2024, as opposed to 50 billion baht under the original plan.
Suvadhana added that THAI is also on track to resume trading on the stock market in 2025 or sooner, following the return to profitability. (NNT)
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