THAI posts Bt12.76 bn loss in Q2

 

The airline said that in the quarter, it booked Bt7.8 billion as special expenses: Bt3.7 billion from the Mutual Separation Plan (MSP) and Golden Handshake programmes; Bt426 million from aircraft impairment; and Bt3.68 billion from foreign currency exchange loss. 

In the same period last year, it showed a net loss of Bt7 billion. 

In the first half, the net loss amounted to Bt8 billion, compared to Bt10.99 billion in the same period last year. 

"THAI offered staff the opportunity to participate in the Mutual Separation Plan (MSP) and a similar Golden Handshake programme for cabin crew, in order to manage job positions that were affected from flight and route adjustments.  These staff reduction programs will help improve the personnel expense structure as well as reduce longer time expense," said THAI President Charamporn Jotikasthira.

He added that the second quarter was normally the tourism low season. Thanks to flight adjustment plans, the airline saw a 20 per cent increase in the number of passengers in the quarter and an 11 per cent increase in Revenue Passenger-Kilometer (RPK). The cabin factor rose from 63.5 per cent last year to 69.2 per cent. Yet, total revenue dropped by 4 per cent on year to Bt41.8 billion due to the decommissioning of cargo aircraft. Total expenses showed a 9 per cent decrease to Bt45 billion, thanks mainly to the lower fuel prices.