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Thai Airways records largest net loss, faces possible delisting

25/02/2021 09:52 PM

By Linda Khoo Hui Li

BANGKOK, Feb 25 -- Thai Airways International Public Co Ltd (THAI) recorded its largest net loss last year at 141.2 billion baht (100 baht = RM13.41), following the travel restrictions due to the outbreak of COVID-19.

THAI, which is in the middle of a debt restructuring exercise, said its total revenues -- including those of its subsidiaries -- slumped to 48.3 billion baht, while total expenses stood at 96.4 billion baht for the financial year ended Dec 31, 2020.

“This resulted in an operating loss of 48.1 billion baht,” it said, adding that the net loss of 141.2 billion baht was significantly higher than the net loss of 12 billion baht reported in 2019.  

Its Finance and Accounting Department executive vice-president Chai Eamsiri said THAI and its subsidiaries carried 5.87 million passengers last year, a decrease of 76.1 per cent from the previous year.

He said THAI and its subsidiaries saw their passenger-carrying capacity decreasing by 73.7 per cent, while passenger traffic decreased by 78.5 per cent.

On cargo transport, he said the average freight load factor was 58.6 per cent higher than the previous year at 53.8 per cent, while its shareholder equity fell to -127 billion baht at the end of last year.

Meanwhile, trading of THAI’s shares were suspended today as the Stock Exchange of Thailand (SET) mulled on delisting the company because of the negative equity.

The SET will decide within seven business days, or before March 8.

Thai Airways is scheduled to submit its business rehabilitation plan to the Central Bankruptcy Court on March 2, in a bid to reduce its liabilities.

Last September, the same court ordered THAI to rehabilitate its business and ordered the appointment of a planning committee.


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