Bangkok--10 Nov--Thai Airways
Thai Airways International Public Company Limited (THAI) announced the Company’s financialstatements and its subsidiaries for the 3rdquarter of 2011. The Company’s total revenuesamounted to THB 49,961 million which was an increase of THB 4,547 and reported net profit ofTHB 2,447 million baht.
Mr. Piyasvasti Amranand, THAI President, announced the Company’s operating results for thethird quarter of fiscal year 2011, which was impacted by consistently high fuel price in the globalmarket that increased by 44.5 percent over the same period last year. Due to fierce competitionin the commercial airline industry, especially on European routes, THAI was not able to sufficientlyadjust fuel surcharge to cover the rapid rise in fuel cost. In the third quarter, passenger trafficincreased by 15.3 percent from the second quarter 2011, which was also higher than third quarterof last year by 4.3%. Cargo and Commercial Mail has been effected by Japan’s earthquake andtsunami since March 2011 and financial crises in Europe and the United States of America, whichresulted in decreased freight demand.
In the third quarter 2011, the Company’s total revenues amounted to THB 49,961 million whichwas an increase of THB 4,547 million or 10.0% over the same period last year. Total expensesexclude gains on foreign exchange but include share of profits on investments by the equitymethod and finance costs total THB 49,668 million which was THB 6,945 million or 16.3 percenthigher than the same quarter last year, due to increased cost of jet fuel prices that was 44.5percent higher than the same period last year. In this quarter, THAI posted gains on foreigncurrency exchange in the amount of THB 2,299 million baht and the Company reported a netprofit of THB 2,447 million or THB 1.12 per share. When compared to the same period in 2010that had a loss of THB 15 million or THB 0.01 per share. EBITDAR was THB 6,719 million, whichwas THB 2,972 million or 30.7% less than the same period last year.
Operating results for the nine-month period of fiscal year 2011 (1 January — 30 September 2011),the Company reported a net loss of THB 4,809 million or THB 2.20 per share due to a THB 3,325million loss on foreign currency exchange and increased cost of jet fuel by 41.5 percent whencompared to the same period last year where the Company posted a net profit of THB 11,958 million or THB 6.99 per share. Of the profits earned last year THB 7,317 million was from gainson foreign currency exchange.
As of 30 September 2011, Thai Airways International Public Company Limited and subsidiarieshave total assets totaling THB 277,044 million, a decrease by THB 19,514 million with totalliabilities of THB 208,225 million which was THB 11,951 million lower. Total shareholders’ equityamounted to THB 68,819 million, which decreased by THB 7,563 million. As of October 2011, theCompany’s liquidity remains strong and the Company’s cash and revolving credit lines was 18percent of total revenue.