Thai Airways Turns To Q4 Net Profit

February 26, 2010

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Thai Airways returned to profit in the fourth quarter thanks to higher passenger revenue and a pick-up in tourism.

The October-December net profit for the national carrier was THB8.9 billion baht (USD$269 million), turning round from a net loss of THB14.8 billion a year earlier and a loss of THB4.03 billion in the third quarter.

The 2009 net profit of THB7.34 billion was better than the THB4.78 billion forecast and compared with a net loss of THB21.4 billion in 2008, when earnings were hit by the global economic slowdown and airport closures in Thailand caused by political protests.

The national carrier is in the process of restructuring and is aiming for net earnings of THB4 billion in 2010.

Thai Airways shares fell 16.6 percent in the October-December quarter, under-performing a 2.4 percent gain in the main Thai index for the quarter.