THAI Reports Progress of its Rehabilitation Plan and 2021 Nine-Month Operational Performance Results

15 November 2021

Thai Airways International Public Company Limited (THAI) reports the operational performance results of the nine months period of THAI and its subsidiaries with the operating loss excluding the one-time transactions at 21,491 million baht. The total revenue was 14,990 million baht, lower than last year by 29,230 million baht or 66.1%. The expenses were 36,481 million baht, which is 41,695 million baht or 53.3% lower than last year due to the operations expenses which varied directly to the decreased production and transport volume as well as the cost control measures in accordance with the business plan. THAI and its subsidiaries reported net one-time revenue 73,084 million baht as a result of the implementation of the rehabilitation plan such as debt restructuring, sales of asset, and organization restructuring. Therefore, THAI and its subsidiaries reported net operating profit of 51,115 million baht in the nine months period of 2021.


As of 30 September 2021, the total assets of THAI and its subsidiaries were 163,703 million baht, which decreased by 45,594 million baht or 21.8% on 31 December 2020. The total liabilities were 240,196 million baht, a decrease by 97,766 million baht or 28.9%. Shareholders’ equity amounted to -76,493 million baht, which is a negative decrease of 52,172 million baht compared to as of 31 December 2020.


THAI financial status and cashflow are sufficient for operations during the earning of a new loan, which would enhance the Company’s ability in implementing the rehabilitation plan in Q1/2022.


In addition, THAI increases its revenue competency through the development of ticket agent system, direct marketing, and the utilization of the information technology with the purpose of continual revenue and sustainable profit in the future.


From this November, THAI and Thai Smile have increased flight services and flight frequencies in 44 main domestic and international destinations with over 400 flights per week connecting Thailand to the world. THAI and Thai Smile have served over one million passengers in a month. Passenger revenue is expected to reach one trillion baht in 2022. THAI, as the national flag carrier, will be part of the efforts in driving Thailand’s economy and tourism industry.