Thai Airways expected to return to profit during Q4

admin
By admin August 14, 2014 20:12

Thai Airways expected to return to profit during Q4

Thai Airways International has stated it expects to return to profit by the fourth quarter of 2014, which is earlier than forecast.

The loss-making national carrier also said it would shed 1,500 jobs by the end of 2014, and 6,000 jobs in total (over a quarter of its full-time staff) by 2018 as part of a restructuring plan approved last month.

Thai Airways had said it planned to cut costs and prioritise certain routes to return to profit as soon as the middle of next year.

Chairman Prajin Juntong told local media that the airline now expected to see a profit in the last quarter of this year. But for the whole of 2014, the airline expects to report a net loss that would be slightly larger than the THB12 bn (US$376 million) loss in 2013.

Thai Airways, which employs 25,000 people and another 5,000 in subcontracted staff, has recorded four consecutive quarters of losses partly due to high operating costs.

Thailand’s military government singled out the carrier as the first state enterprise to undergo reform after taking power in May.

admin
By admin August 14, 2014 20:12