THAI nearing pre-Covid revenue and on course for stock market return: CEO
Thai Airways International (THAI)’s monthly revenue is almost back at pre-pandemic levels following recovery in the tourism industry, according to the airline’s acting CEO.
Suvadhana Sibunruang said THAI has now reopened about 70% of its international routes with a cabin factor (passenger load factor) of 85%.
This was driving current monthly revenue of 12 billion baht, compared with 15 billion baht before the pandemic, he said.
Monthly revenue had grown continuously since hitting a low of 200 million baht during the Covid-19 crisis, he added.
Suvadhana said the airline had returned to profit since May this year by cutting costs and expenses while securing more revenue sources. THAI reduced its fleet from 103 aircraft to 61 after filing for bankruptcy protection in 2020 and recording debt of over 400 billion baht in 2021. However, creditors approved a revised rehabilitation plan in September this year after recovery proceeded faster than expected.
Suvadhana said the company no longer needs to urgently seek extra funds as it has cash flow of 30 billion baht.
However, it still needs 25 billion baht to sustain operations and complete the rehab plan, he added.
The revised rehabilitation plan allows THAI to borrow 25 billion baht by 2024, instead of 50 billion as permitted under the original plan.
Suvadhana confirmed that THAI is on target to resume stock market trading in 2025 or sooner after the return to profit.
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