Thai Airways International (THAI) reported a net loss of 12.75 billion baht, up 66.52% year-on-year, for the second quarter of this year due to foreign exchange losses and termination benefits under an early-retirement programme.
The loss significantly widened in the April-June period from 5.09 billion baht in the same period last year.
In its filing to the Stock Exchange of Thailand (SET) on Thursday, THAI president Charamporn Jotikasthira attributed the increase to a combined 7.82 billion baht in one-time expenses.
The largest items were the severance payments for the early-retirement programme (3.72 billion baht), foreign exchange losses (3.68 billion) and an impairment loss of assets and aircraft (426 million).
The results for the second quarter were a reversal from the figures in the first quarter, when THAI recorded a net profit of 4.54 billion baht in the wake of the booming travel industry, foreign exchange gains and cost controls put in place under a business rehabilitation plan.
For the first half of this year, the airline posted a net loss of 8.21 billion baht, an improvement over losses of 10.98 billion baht in the same period last year.
The company has suspended its daily flight service to Frankfurt, Germany, since May 1 under its route improvement plan to reduce the losses.
The national carrier has retired one aircraft and received two new ones during the quarter, bringing its fleet to 94 at the end of June.