Thai Airways (THAI) has announced plans to complete its restructuring efforts later this year.
The airline thus marks a remarkable comeback after its financial difficulties, which were aggravated during the pandemic.
The Bangkok-based airline has been working tirelessly to reduce its debt and reorganize its operations amid a sharp decline in air travel due to the global health crisis.
Hoping for a return to profitability, Thai Airways recently released positive results for the first quarter of 2024, suggesting a promising future for the airline, which aims to re-list on the stock market and regain its position in the sector.
See: Thai Airways could return to the Stock Exchange of Thailand in 2025
Although placed under bankruptcy protection in 2020 , Thai Airways has undergone significant changes over the past four years, implementing a comprehensive restructuring plan to revitalize the airline.
Although the airline managed to remain profitable in the first quarter of 2024, challenges remain.
These include increased operating costs and reduced restructuring gains, which resulted in an 80% drop in net profit compared to the previous year.
See: Overpriced plane tickets in Thailand: an airline explains
However, the airline recorded an 11% increase in revenue, supported by a rise in passenger numbers.
See: Thailand Travel Resumption: Thai Airways Continues to Make Profits
Looking ahead, Thai Airways will seek to expand its operations by opening new European routes and adding Boeing and Airbus aircraft to its fleet.
See also:
Thai Airways abandons Airbus A350 and orders 45 Boeing 787s
Thai Airways' business class seats under fire
Iranian attack on Israel: Thai Airways changes its routes
Thai Airways: You have until March 31 to request a refund for your tickets
Source: ASEAN Now
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1 comment
Recovery at what cost? At the expense of customers.
As for the new strategic axes of the Thai company, and its choice to favor a single aircraft manufacturer, despite setbacks and in-house engineers who affirm under oath that getting into a Boeing is taking a risk with one's life.
The page of Thai setbacks is far from over.