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THAI looks set to bottom out of 3 consecutive years of losses, following a net profit of THB6b in Q1 this year, thanks to cost cutting measures and lower fuel costs. Though the total revenue of THAI and its subsidiary companies has reduced by 2.7% to THB50.1b compared to that in the same quarter last year, THAI has been successful in capping total costs, bringing them down by 8.8% to THB43b, THAI president Charamporn Jotikasthira said Tuesday. Charamporn attributed THAI's improving financial situation to the sharp drop in aviation fuel costs by THB3.6b, down 25%, as well as continued measures to cut non-fuel costs by THB524b. Stronger competition is a key factor that has lowered the carrier's revenues. THAI plans to leave behind its diminishing status this year. The recovery has prompted the company to estimate a THB2b profit this year. <br/>

SIA Group reported net profit of S$804.4m (US$568.7m) in its fiscal year ended March 31, more than doubling a $367.9m net profit in its previous fiscal year. The airline cited a combination of higher revenue from subsidiary airlines, income from the release of 7 Airbus A350-900 delivery slots, and lower net fuel costs for the results. Group revenue for the fiscal year fell 2.2% year-over-year to $15.2b, while total expenses lowered 4% to $14.55b, producing an operating profit of $681.2m, up 66.4% year-over-year. Consolidated Group passenger traffic increased 2% year-over-year to 119b RPKs, while capacity inched up a scant 0.6% to 149.2b ASKs. Load factor was 79.8%, up 1.3 points from the prior fiscal year. SIA reported an operating profit of $485m for FY2015-16, up 42.6% from FY2014-15. <br/>