Thai Airways posts record $4.7b loss as debt revamp looms

Thai Airways reported a record loss last year after the coronavirus outbreak ground most of its services to a halt. The net loss widened to 141.2b baht ($4.7b), or 64.68 baht a share, from 12b baht, or 5.51 baht a share in 2019, Thai Airways said in an exchange filing Thursday. The annual loss was the largest ever for a Thai company, according to data compiled by the Stock Exchange of Thailand. Revenue slumped 73.8% to 48.3b baht. Thai Airways, which has posted losses every year barring one since 2013, is preparing to submit a debt rehabilitation plan to the bankruptcy court in Bangkok by March 2 in a bid to reduce its liabilities from 336.7b baht and return to profit. The airline has sold stakes in some units, cut staff and opened its flight simulators to the public to generate additional revenue and cushion the blow from an unprecedented hit to global tourism and travel industry. While the airline expects its performance in the first half to improve from a year ago with easing of some travel curbs, it will still be “negative,” it said. <br/>