Thai Airways 2022 operating loss narrows amid boom in air travel

Thai Airways International’s operating loss narrowed 84% last year after Thailand eased pandemic-related border restrictions and tourists started to come back to the popular South-East Asia holiday destination. The carrier’s operating loss excluding one-time items came in at 4.6b baht (US$133m) in 2022, down from a 29.2b baht deficit in 2021, Thai Airways said in an exchange filing Friday. Thai Airways’ net loss for the period was 252m baht versus a 55b baht profit a year earlier, when the company booked a one-time gain of about 62b baht from a debt restructuring. Total operating revenue in 2022 jumped 342% to 105b baht. Thai Airways plans to exit from a court-supervised debt restructuring earlier than scheduled in late 2024 as a rebound in global air travel boosts its cash flow and reduces the need for new loans. The airline, which has posted net losses every year barring two since 2013, filed for bankruptcy protection in 2020 before most creditors agreed to extend terms and cut some payments as part of its $5.3b rehabilitation plan. The airline also said it plans to increase flight frequencies and add new routes, as well as expand its fleet, according to Friday’s statement. The carrier’s stock should also be able to resume trading in 2025, it added.<br/>