Thai Airways returns to net profit on travel rebound

Thai Airways International announced a group net profit of 2.2b baht ($62.6m) for the April-June quarter on Friday, with the turnaround owing to a rebound in demand, particularly for flights serving China and Japan. The flag carrier, which filed for bankruptcy protection in 2020, had suffered a 3.2b baht net loss in the April-June quarter of last year. Total revenue, excluding one-time transactions, increased 74% on the year to 37.3b baht, partly from resuming service to mainland China after the country lifted its zero-COVID restrictions. Demand for other key routes, including to Europe and Australia, was strong as well. The airline served 3.35m passengers in the April-June quarter, up 67% on the year. Thai Airways had initially aimed to complete its restructuring in 2025 but is now on track to do so as early as 2024. It aims to relist on the Thai stock exchange soon after to raise fresh funds. The carrier is pursuing new tie-ups to help bolster its performance. It announced a strategic partnership with Turkish Airlines on Tuesday, with plans to coordinate their schedules for increased efficiency. It also aims to start code-sharing flights with Singapore Airlines to the US and South Africa by November.<br/>