Thai Airways' profit surges in Q4 amid tourism boom

Bangkok, Feb 25

Thai Airways International (THAI) reported a nearly triple profit in the final quarter of last year as foreign arrivals to the Southeast Asia destination picked up further, data showed on Friday.

According to an annual financial statement, the national flag carrier's net income for the fourth quarter of 2022 rose to 11.15 billion baht from 4 billion baht registered a year earlier, Xinhua news agency reported.

Operating income for the period grew more than fivefold to 8.9 billion baht from a 2.6 billion baht deficit in the previous year, making the airline's total revenue soar by 367 per cent to 36.9 billion baht, according to the statement filed with the Thai Stock Exchange (SET).

THAI reported an 84.3 per cent decrease in operating loss excluding one-time items to 4.59 billion baht last year, down from a 29.19 billion baht loss in 2021, while total operating revenue in 2022 increased 342 per cent to 105 billion baht, the statement said.

After filing for bankruptcy protection in 2020, THAI planned to exit its rehabilitation earlier than scheduled in late 2024 and resume trading on SET in two years, its new chief executive officer said earlier in February.

Since early this year, THAI has started to operate flights to China's major cities to meet the rising demand. It is also expected to boost the number of flights, add new routes, and expand its fleet to achieve its rehabilitation plan.

(1 baht equals $0.029)