THAI Q2 loss more than doubles as revenue drops

THAI's Q2 loss more than doubled as the global economic slowdown, fierce competition and a strengthened baht took their toll on revenue. The company reported a 6.88b baht ($223.7m) loss in Q2, compared with a 3.1 billion baht deficit a year earlier, according to a filing to Thai exchange late Friday. Revenue fell 10% to 42.5b baht. The national carrier has faced mounting pressure on its revenue as it struggles to operate with aging aircraft, declining tourist arrivals and a stronger currency. The baht’s 8% appreciation against the dollar in the past year is the strongest in a basket of emerging-market currencies tracked by Bloomberg. “The baht appreciation greatly affected the Thai tourism situation,” the company said. Newly appointed Transport Minister Saksiam Chidchob said last week he supported Thai Airways’ plan to buy new aircraft to improve its services. I Thai Airways’s total expenses dropped 0.8% to 49.6b baht on lower fuel prices.<br/>