Bangkok--15 Nov--Thai Airways
Thai Airways International Public Company Limited (THAI) held a Board of Directors’ Meeting chaired by Mr. Ampon Kittiampon, THAI Chairman, at THAI Head Office with the following announcements:
1. Operating Results for Third Quarter 2010
The period from 1 July — 30 September is considered Low Season for travel; continuous global economic recovery along with reduced domestic political tension have made travel as well as air freight more attractive, thereby having better results than in the previous quarter. During the third quarter THAI earned a profit of 2.9 billion baht before FOREX and before income tax (EBT = Earnings Before Income Taxes), compared to the third quarter loss of 1.13 billion baht last year. Third quarter revenue totalled 45.41 billion baht, which was 16% higher than the same period in 2009 by 6.27 billion baht.
Expenses, excluding gain or loss from FOREX but including profit or loss by equity method from investments were 42.51 billion baht, which was 5.50% higher than the previous year’s expenses by 2.23 billion baht. Due to the stronger Thai baht, THAI incurred a loss of 2.77 billion baht in FOREX. Including the 2.77 billion baht FOREX loss, THAI earned a profit of 136 million baht or 0.08 baht per share, which was higher than the same period in 2009 that had a loss of 4.03 billion baht, or a loss of 2.37 baht per share. EBITDA was 8.68 billion baht, which was 3.14 billion baht higher than the previous year.
During the third quarter 2010, Cabin Factor averaged 74.7%, higher than the same period in 2009, which averaged at 73.9%; Freight Load Factor averaged 61.3%, higher than the previous year’s average of 53.8%.
From 1 January to 30 September 2010, THAI’s net profit was 12.41 billion baht, or an earning per share (EPS) of 7.25 baht, which was higher than the same period in 2009 (when the incurred loss was 1.57 billion baht, or a share price loss of 0.92 baht per share). The profit from FOREX was 6.24 billion baht and EBITDA was 23.35 billion baht, which was 5.30 billion baht higher than the previous year.
As of 30 September 2010, THAI and its subsidiary’s combined assets totaled to 281.26 billion baht, an increase from end of 2009 by 9.57 billion baht. THAI’s total liabilities were 201.19 billion baht, a decrease of 17.26 billion baht. THAI’s total equity was 80.08 billion Baht, an increase by 26.83 billion baht, resulting in part from its second public offering of 483.9 million shares in September 2010.
For October 2010, Available Seat-Kilometer (ASK) was 2.66% higher than October 2009 and 5.62% higher than September 2010; Revenue Passenger-Kilometer (RPK) was 1.88% higher than October 2009 and 7.69% higher than in September 2010; Cabin Factor (CF) averaged at 74.50%, which was 1.96% higher than in September 2010.
For the period from January to October 2010, Available Seat-Kilometer (ASK) was 5.41% higher than the same period the previous year; Revenue Passenger Kilometer (RPK) was 7.17% higher than the same period in 2009; Cabin Factor averaged at 73.70%, which was 1.67% higher than the same period in 2009.
For Cargo and Commercial Mail, Available Dead Load Ton-Kilometers (ADTK) in October 2010 was 18.93% higher than in October 2009 and 7.40% higher than in September 2010. Revenue Freight Ton-Kilometers (RFTK) was 25.71% higher than in October 2009 and 8.20% higher than in September 2010. Te Freight Load Factor averaged 62.71%, which was 5.71% higher than in October 2009, and 0.74% higher than in September 2010.
During January-October 2010, ADTK was 17.82% higher than the same period in 2009; RFTK was 45.36% higher than the same period in 2009; Freight Load Factor averaged 61.99%, which was 23.37% higher than the same period last year.
2. Revolving Short Term Loan from Siam Commercial Bank Public Company Limited
The Board approved THAI to obtain a Committed Revolving Short Term Loan from Siam Commercial Bank (SCB) in the amount of 3 billion Thai Baht over three years.
In a previous meeting, the Board had already approved a Revolving Credit Line for 2.5 billion baht, of which one billion baht was secured from Thai Military Bank and 1.5 billion baht from Tisco Bank. The Revolving Credit Line is currently at a total of 5.5 billion baht.
3. Mutual Separation Plan
The Board acknowledged the progress of the Mutual Separation Plan (MSP) for 2010, with the budget for this plan as 2.3 billion baht. The Company has approved a total of 419 employees for MSP, with 414 employees effective date on 1 December 2010, and five employees effective date on 1 January 2011. The total amount for this MSP project is 1.27 billion baht.
International Public Relations Department
Thai Airways International Public Company Limited
Tel : (662) 545-2662 / 2663 / 1711 / 4686 / 1705 / 2720
Fax : (662) 545-3891