Thai Airways International Public Company Limited reported a loss of 141,170.73 million baht for the year 2020 due to a decrease of 73.8% revenue to 48,311 million baht due to international travel restrictions, both of Thailand and other countries.
The total expenses were 96,430 million baht, lower than the previous year 100,040 million baht (50.9%) because the expenses vary according to the transportation volume. And the number of passengers decreasing
However, the fixed costs were high. As a result, the operating loss was 48,119 million baht, an increase of 287% from the previous year.
In addition, in 2020, Thai Airways and its subsidiaries One-time expenses totaled 91,978 million baht consisting of
- Reserve for employee compensation in the project of cooperation from the organization in the amount of 3,098 million baht.
- Loss from impairment of aircraft and assets, operating rights and revolving aviation equipment amounting to 82,703 million baht.
- Impairment losses according to IFRS 9, amounting to Baht 261 million.
- Profit from changes in proportion of investments in the company Nok Airlines Public Company Limited amount 206 million baht
- Loss on foreign exchange rate of 895 million baht
- Loss for hedging of the group of items of the net position amounted to 5,227 million baht.
Thai Airways is in the process of preparing a business rehabilitation plan, with the Lao Bankruptcy Court allowing the plan preparer to submit the rehabilitation plan to the Official Receiver by March 2, 2021.
And after submitting the business rehabilitation plan The Official Receiver will hold a creditors meeting to consider the Company’s business rehabilitation plan. And the Central Bankruptcy Court will continue to consider the business rehabilitation plan
The origin
