THAI suffers heavy loss in Q2
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Thai Airways International (THAI) returned to the red in the second quarter of 2015, posting a heavy three-month loss.
The national carrier incurred an operating loss of THB8.22 billion (US$232 million) for the April-June 2015 period, and a net loss of THB297m.
And while this did mark an improvement from the THB10.99bn net loss it suffered in Q2 last year, the result also marks a deterioration from the THB4.54bn net profit it achieved in the January-March 2015.
THAI attributed the Q2 loss to the “low tourism season” and costs incurred from its “transformation plan” which involved the grounding of aircraft and suspension of routes. The airline’s total revenues fell 4% to THB41.81bn, but it did manage to achieve a 9% reduction in expenses, including significant fuel savings.
The company added that its Mutual Separation Plan and Golden Handshake programme, which has involved thousands of job losses, are helping to “improve the personnel expense structure as well as reduce longer time expense”.
THAI registered an 11% increase in passenger traffic (measured in revenue passenger kilometres) and a 5.7% rise in its average load factor, to 69.2%, during Q2. The airline’s fleet now totals 94 aircraft.
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