The Thai national carrier Thai Airways has said it had lost 3.09 billion baht (nearly 93 million USD) in revenue in the second quarter of this year compared to 5.2 billion baht in the same period a year earlier.
The carrier reported the loss in its statement to the Stock Exchange of Thailand (SET) after the stock market closed on August 10.
Thai Airways and its subsidiary companies have reported a net operating loss of 2.8 billion baht for the second quarter, 965 million baht higher than in the same period the year before.
For the first half of the year, the net loss was at 381.6 million baht (0.17 baht a share), compared to 2.05 billion baht the year before.
Thai Airways President Usanee Sangsingkeo attributed the loss to the result of Thailand’s off-peak tourist season, high competition among airlines and high jet fuel prices.
Thailand’s budget carriers also reported weak earnings due to the same factors.
State-owned Thai Airways reported cabin factor, a measure of how much of the airline’s capacity was used, of 75.8 per cent, down from the same period last year.
The earnings announcement comes during leadership changes at the legacy carrier, which is also in the midst of a transformation plan that aims for sustainable operating results through efficient asset management and cost control.
For the remainder of 2018, Thai Airways plans to sell off more businesses and properties. Thai Airways expects the US Federal Aviation Administration to upgrade Thailand to story_category 1 by year-end after which the airline could add more US routes.
In July, the carrier said it planned to purchase 23 new jets for around $3 billion. It was also eyeing revenue from aircraft maintenance from its joint venture with Airbus.
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