Thai Airways Q2 Net Profit Beats Forecasts

August 16, 2010

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Flag carrier Thai Airways reported a better-than-expected second-quarter net profit on Monday as foreign exchange gains helped to offset lower passenger numbers during mass street protests.

The state-controlled carrier earned a net THB1.55 billion baht (USD$48.63 million) in the April-June quarter, against a THB5.40 billion net loss a year earlier, when it had foreign exchange losses and falling passenger numbers due to political unrest and the H1N1 flu outbreak.

Anti-government protests in Bangkok that began on March 12 turned deadly in April and ended with a military crackdown on May 19, leading to a sharp drop in tourism.

The airline's outlook in coming quarters looks better, analysts said, as the political situation is expected to be more stable, plus the high season in the last quarter would boost passenger numbers.