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THAI Airways registers first half loss of 28 billion baht

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THAI Airways registers first half loss of 28 billion baht

 

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(FILES) In this file photo taken on April 8, 2016 a Thai Airways Boeing 747 plane prepares to land at Changi International Airport in Singapore. – Thailand’s cash-strapped national carrier will look to undergo a restructuring through the kingdom’s bankruptcy court, premier Prayut Chan-O-Cha said May 19, 2020, as the stricken company is battered by the crash in tourism caused by the coronavirus.

 

Thai Airways International has suffered about 28 billion baht in losses for the first half of this year, mainly attributable to the COVID-19 pandemic, which has seriously impacted its operations.

 

THAI Acting President Charnsin Treenuchagron said today that the COVID-19 pandemic has led to numerous countries imposing lockdown measures, including travel restrictions, resulting in substantial reductions in domestic and international travel. THAI, he said, had to reduce its flights in line with reduced passenger loads.

 

For the first quarter of this year, Mr. Charnsin disclosed that the national flag carrier, and its affiliated companies, recorded 38 billion baht in consolidated revenues, a 23.7 billion drop compared to the same period last year, largely due to the sharp reduction in passengers and freight.

 

Full story: https://www.thaipbsworld.com/thai-airways-registers-first-half-loss-of-28-billion-baht/

 

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Excellent, where  can I invest in this  clear  money maker? r  should  I  just douse my cash with petrol and save my  money?

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Thai Airways shares suspended after auditors decline to sign off on accounts

 

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FILE PHOTO: Empty lines are seen at Thai Airways counters in Suvarnabhumi Airport in Bangkok, Thailand April 30, 2020. REUTERS/Soe Zeya Tun

 

BANGKOK (Reuters) - Thai Airways International Pcl <THAI.BK> shares were suspended by the bourse on Friday after auditors declined to sign off on its financial statements for the six months to June 30.

 

Auditor Deloitte Touche Tohmatsu Jaiyos Co Ltd said it could not reach a conclusion on the statements due to issues including a lack of liquidity and debt defaults which created "material uncertainty" and may affect the value of assets and liabilities.

 

Thai Airways is under bankruptcy protection and is due to submit its rehabilitation plan to the bankruptcy court on Monday.

 

In a statement, the airline said losses from operations since 2013 had resulted in a capital deficiency.

 

Thai Airways booked losses of 22.68 billion baht ($730.4 million) and 5.35 billion baht its first and second quarters, respectively, according to a delayed earnings report released late Thursday.

 

The collapse of travel and tourism due to the outbreak of the new coronavirus slashed revenue by 23.7% to 38 billion baht in the first quarter, Acting President Chansin Treenuchagron said on Friday.

 

In the three months ending in June, it booked 2.49 billion baht in revenue, down 94.1% from the same period a year earlier.

The airline began suspending flights in February.

 

(Reporting by Chayut Setboonsarng; Editing by Stephen Coates)

 

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-- © Copyright Reuters 2020-08-14
 
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And Deloitte refused to sign off. So more to come. 

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1 minute ago, Reigntax said:

So about the same loss as when they were fully ooerational !!

Amazing, isn't it? 🙃

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16 minutes ago, Phuketshrew said:

So they can't just blame it on Covid then?

...since 2013 !!!

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A post and a reply has been removed, you need to be VERY careful what you post on here:

 

1) You will not express disrespect of the King of Thailand or any one member of the Thai royal family, whether living or deceased, nor to criticize the monarchy as an institution.

By law, the Thai Royal Family are above politics. Speculation, comments and discussion of either a political or personal nature are not allowed when discussing HM The King or the Royal family.

To breach these rules will result in an immediate ban.

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I’m curious how much they have lost since 2013?

 

I wonder how much has been siphoned since inception?

 

The corruption cows seem to be sick and dying.

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