PUBLISHED: 4 Oct 2024 at 04: 00
Thai Airways International ( THAI ) expects to exit rehabilitation and be relisted on the Stock Exchange of Thailand ( SET ) by the second quarter of next year, according to Piyasvasti Amranand, chairman of the airline’s debt rehabilitation administrator.
The growth follows the firm’s record-high gains of 28.1 billion ringgit last year and a steady increase in profits in the first quarter of this year, which Mr Piyasvasti said was due to a successful three-year treatment.
He claimed that the owners ‘ financial statements showed a purple 40.42 billion baht as of June 30 of this year.
Through a fresh funds reform plan, which is a component of the treatment, the airline intends to write off the remaining debts in the investor financial statement.
He said that the program includes a debt-to-equity transfer programme and rights offerings, or the offering of more shares to existing shareholders, which will make THAI for the precise relisting.
Despite this money reform, the Ministry of Commerce may still retain its main investor position, he said, adding the restructuring is expected to finish this year before the airline’s new board of directors is appointed.
He claimed that the airline would file a complaint with the Central Bankruptcy Court to leave the court-ordered recovery and would be relisted on the SET, perhaps by the second quarter of next year.
Chai Eamsiri, THAI’s CEO, said the airline’s capacity and power have been maximised once again, considering various measures, including available chair miles ( ASK), aircraft usage, and house issue. Request measures customer carrying capability.
Last year, the aircraft served about 13.8 million people, a 9 million increase from the previous month, while its gross income was recorded at 165.49 billion ringgit in 2023, which was 105.21 billion ringgit more than that of 2022, he said.
Following these developments, THAI has developed a new company credo,” Fly for The New Pride”, which signifies the airline’s fresh ambitious goal to do even better while sustaining company growth, he said.
With the aid of professional business reform, Mr. Chai stated,” We are moving forward to sustainable growth.” This will hopefully help to win back the trust of all Thai citizens in their country’s flag carrier once more.
THAI logged 12.63 billion baht or a 15.2 % profit growth in this year’s second quarter.