Thai Airways to exit restructuring in 2024 as first-quarter profit shrinks

Thai Airways International expects to wrap up its restructuring this year, capping off close to four years of business rehabilitation amid the Covid-19 pandemic. In comments following the release of its first-quarter results, the carrier adds that it aims to return to positive equity this year, allowing it to resume trading on the stock exchange. An embattled Thai filed for bankruptcy protection in 2020 as it was heavily impacted by a collapse in air travel during the pandemic. Since then, it has undertaken a wide-ranging restructuring exercise aimed at turning its finances around. The airline swung to a full-year net profit in 2023, amid restructuring gains and travel recovery. In the quarter ended 31 March, Thai remained in the black, though an increase in costs - coupled with a reduction in restructuring gains - ate into its profitability. It reported a quarterly net profit of Bt2.4b ($65.2m), down 80% compared to the year-ago period, where it recorded gains from restructuring and foreign exchange. Revenue rose about 11% year on year to Bt46b, with passenger revenues rising about 10%. Thai carried close to 3.9m passengers during the quarter, representing a 10% increase against the year-ago period. Traffic and capacity both grew around 10% as well, with passenger yields holding steady against 2023 levels. <br/>