Outlook brighter for cash-strapped THAI

Thai Airways International (THAI) has posted a 155% increase in revenue and a narrower loss in the first quarter of this year with liquidity surging to the highest point since the company filed for bankruptcy in 2020.

Announcing its operating performance on Tuesday, the carrier said revenue in the first three months of the year totalled 1.1 billion baht, up 155% from the same period last year.

The airline’s improved performance is due to increased passenger and cargo traffic brought on by the reopening of borders and a substantial lifting of public health restrictions.

THAI and its subsidiaries reported a first-quarter loss amounting to 3.2 billion baht, down from 8.9 billion baht in the same period last year. This equals a 1.49 baht loss per share, compared to a loss per share of 5.59 baht in the first quarter of last year.

Since the beginning of the year, international demand for travel has grown significantly. In Thailand, the easing of entry rules and scrapping of the Test & Go measure have boosted arrivals since the beginning of the month.

THAI also announced that it, and its subsidiary Thai Smile Airways, have increased or restored flight frequencies to many destinations. These include the Bangkok-London route returning to 14 flights per week from the current 11 weekly flights from May 29. The Bangkok-Frankfurt route will also increase from 10 weekly flights to 14 flights a week starting June 25. Flights will also increase for shorter routes to India, Pakistan and within Asean.

The financially strapped flag carrier has sold or is in the process of selling 45 jets, leaving it with just 58 aircraft, excluding three 777-300 extended range aircraft it leased last month.