THAI widens Q3 net loss on stiff competition
THAI reported a 2019 Q3 net loss of THB4.7b (US$152.7m), widened from a THB3.7b loss in the year-ago period. Q3 operating revenue also declined to THB46b, down 4% from THB48b. The poor result came despite a 3% cut in operating costs to THB50.8b. The airline had previously said it would reduce nonessential expenses and reduce salary of top executives, although the report did show an increase in employee benefits and crew expenses. THAI’s other secondary income did get a slight help from THB2b collected from airport fees, which is now reflected in the reports. THAI president Sumeth Damrongchaitham described the results as “normal” for an airline facing stiff competition. Sumeth estimates losses will narrow to THB2b for Q4. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-11-20/star/thai-widens-q3-net-loss-on-stiff-competition
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THAI widens Q3 net loss on stiff competition
THAI reported a 2019 Q3 net loss of THB4.7b (US$152.7m), widened from a THB3.7b loss in the year-ago period. Q3 operating revenue also declined to THB46b, down 4% from THB48b. The poor result came despite a 3% cut in operating costs to THB50.8b. The airline had previously said it would reduce nonessential expenses and reduce salary of top executives, although the report did show an increase in employee benefits and crew expenses. THAI’s other secondary income did get a slight help from THB2b collected from airport fees, which is now reflected in the reports. THAI president Sumeth Damrongchaitham described the results as “normal” for an airline facing stiff competition. Sumeth estimates losses will narrow to THB2b for Q4. <br/>
