THAI posts surprise profit in Q1
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Thai Airways International (THAI) rebounded with a surprise net profit of THB4.55 billion (US$135.1 million) in the first quarter of 2015.
The airline, which suffered a net loss of THB15.57bn in 2014, has turned its fortunes around with a new business plan. It has also been helped by a rise in passenger traffic and lower fuel prices.
THAI generated revenues of THB51.65bn in the first quarter, up 3.3% year-on-year, as its traffic jumped 17% to 5.62m passengers. Aircraft load factors also climbed, from 70.1% to 75.4%. The airline said its fuel expenses fell 11.6% due to the global decline in oil prices.
The airline’s cost-cutting plan has also seen it suspend services on the Bangkok-Johannesburg, Bangkok-Moscow and Bangkok-Seoul routes, as well as decommissioning 11 aircraft. THAI’s fleet now stands at 93 aircraft.
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