Thai Airways’ losses soar more than 1,000% in 2020, delisting on the cards

Game over for Thai Airways?

Thai Airways in a sparse filing to the Thai stock exchange on February 25 reported a 2020 loss attributable to shareholders of 141.2 billion baht ($4.7 billion), up a whopping 1,076% from a loss of 12 billion baht in the previous year.

The company said it will deliver a full financial report for last year in English at a later point of time because it still has to be translated and the translation has to be approved by an the auditor.

Exchange data shows that this loss was the highest ever of any listed company in Thailand.

High costs for employee layoffs

The airline attributed the huge loss mainly to one-time expenses of almost 92 billion baht covering a staff reduction plan and impairment losses on aircraft, aircraft parts and other assets.

Revenue of the country’s flag carrier dropped 73.8% to 48.3 billion baht in the period, the filing showed.

Trading in Thai Airways’ shares was suspended on September 25 until further notice as the stock exchange is examining whether the company is subject to delisting because of its negative equity of 127 billion baht as of Dec. 31, 2020. A respective decision will be made on March 7, the bourse said in a statement.



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Game over for Thai Airways? Thai Airways in a sparse filing to the Thai stock exchange on February 25 reported a 2020 loss attributable to shareholders of 141.2 billion baht ($4.7 billion), up a whopping 1,076% from a loss of 12 billion baht in the previous year. The company said it will deliver a full financial report for last year in English at a later point of time because it still has to be translated and the translation has to be approved by an the auditor. Exchange data shows that this loss was the highest ever of any listed company...

Game over for Thai Airways?

Thai Airways in a sparse filing to the Thai stock exchange on February 25 reported a 2020 loss attributable to shareholders of 141.2 billion baht ($4.7 billion), up a whopping 1,076% from a loss of 12 billion baht in the previous year.

The company said it will deliver a full financial report for last year in English at a later point of time because it still has to be translated and the translation has to be approved by an the auditor.

Exchange data shows that this loss was the highest ever of any listed company in Thailand.

High costs for employee layoffs

The airline attributed the huge loss mainly to one-time expenses of almost 92 billion baht covering a staff reduction plan and impairment losses on aircraft, aircraft parts and other assets.

Revenue of the country’s flag carrier dropped 73.8% to 48.3 billion baht in the period, the filing showed.

Trading in Thai Airways’ shares was suspended on September 25 until further notice as the stock exchange is examining whether the company is subject to delisting because of its negative equity of 127 billion baht as of Dec. 31, 2020. A respective decision will be made on March 7, the bourse said in a statement.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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