BANGKOK, March 2 (TNA) — Thai Airways International (THAI), the national flag carrier, consolidated net loss plunged to about 11.6 billion baht in 2018 compared to loss of only 2.1 billion baht in the previous year, mainly because of several negative factors ranging from high competition in the market to rising fuel prices.
In its announcement announced Friday, THAI said last year’s soaring consolidated net loss was attributed to higher fuel costs, up 19.7 per cent compared with a 30 per cent average increase in fuel prices, while operating expenses, excluding fuel prices, jumped 7.3 per cent, or 9.8 billion baht, due to higher repair and maintenance costs, plane rentals and depreciation costs.
Revenue in 2018 stood at 199.5 billion baht after THAI strictly implemented it business restructuring plan, it said, adding that the loss per share was at 5.39 baht.
In order to escape from the red, THAI said it has adopted several plans to increase its income in 2019 including modernising its fleet, improving sale and marketing businesses, especially on digital marketing, an increase in revenue from its maintenance centre at U-Tapao airport, and to boosting personnel efficiency.
THAI shares which are offered on the Stock Exchange of Thailand closed down 3.8 per cent to 12.60 baht in trade worth 96.8 million baht on Friday, following the negative announcement. (TNA)
