Bangkok--2 Mar--Thai Airways International
For the fiscal year 2008, Thai Airways International Public Company Limited continues to encounter crises such as the continuing sharp rise of jet fuel price, the global economic slow down, as well as the political unrest in the country. As a result, the Company’s total operating revenue amounted to THB 200,118 million, which was an increase of 1.6% from the same period last year. However, the operating expense totaled THB 206,780 million, which was an increase of 10.8% over the same period last year. The reasons were the increase in fuel and oil expense in-line with a 47% rise in average jet fuel price, the increase in depreciation from the change in the estimated useful life of new aircraft and engine types and also cost for the Mutual Separation Plan in order to reduce personnel expense in the long run. In addition, the weak Thai baht at the end of the period caused the Company’s foreign currency exchange loss in the amount of THB 4,471 million, which was mostly due to converting of the Company’s outstanding foreign currency loans into baht terms. Furthermore, the Company reserved contingent liability for damages arising from potential violation of Antitrust or Competition Law in the amount of THB 4,290 million. Also, the Company recorded an impairment loss on pending sale of aircraft, amounting to THB 4,426 million. Consequently, the Company’s net loss was THB 21,314 million or THB 12.58 per share, which was in contrast to the net profit of THB 4,428 million or THB 2.57 per share last year. EBITDA was THB 13,619 million.
Not including the loss on foreign currency exchange as well as the reserve of the estimated damages for Antitrust or Competition Lawsuit and also the impairment loss of aircraft, the Company’s loss before tax was THB 10,413 million.
As of December 31, 2008, the Company’s total assets were THB 259,534 million, which was a decrease of THB 20,741 million from as of December 31, 2007. Total liabilities were THB 213,652 million, which increased by THB 1,402 million from last year. Total shareholders’ equity was THB 45,882 million, which was a decrease of THB 22,143 million from last year.
Press Release issued by M.L. Ajcharaporn Na Songkhla
International Public Relations Department
Thai Airways International Public Company Limited
Tel : (662) 545-2662 / 2663 / 1711 / 4686 / 1705 / 2720
Fax : (662) 545-3891