THAI suffers nine billion baht loss in nine months

Thai Airways International today reported a consolidated net loss of 9,117 million baht for the first nine months of this year.

The loss represented a  2,864 million baht increase from the same period last year, said THAI acting president ACM Siwakiat Jayema.

However he said the third quarterly performance of this year showed THAI and its subsidiaries have recorded profits of 1,097 million baht, breaking down to 1,086 million baht generated by THAI, as compared with 6,182 million baht net loss of the third  quarter in 2013.

He attributed the loss for the past nine months to the tourism industry which is still not returning normal and tough competition in the industry, particularly from low cost airlines, fleet expansions, and opening of new routes.

As a consequence, THAI suffered a 15% drop in passengers from 16.20 million in the same period last year to  13.77 million this year.

The average number of seats sold per flight slipped to 70%, down nearly 10 percentage points from one year earlier.

He also said the average number of seats sold per flight in the third quarter also slipped  to 71.1% from 75.3% last year.

Besides loss from asset depreciation also rose 66.2% or 2,086 million baht higher than last year  to 5,237 million baht, he added.