Thai Airways suffers B9.9bn loss in Q3

Thai Airways suffers B9.9bn loss in Q3

Struggling flag carrier surpasses total 2014 loss in 3 quarters

A Thai Airways International Boeing 777-300ER plane takes off from Suvarnabhumi airport on Feb 23, 2015. (Reuters photo)
A Thai Airways International Boeing 777-300ER plane takes off from Suvarnabhumi airport on Feb 23, 2015. (Reuters photo)

Thai Airways International on Wednesday reported a third-quarter loss of 9.9 billion baht, plunging the struggling flag carrier deeper into the red than during all of 2014.

The loss for the July-September period compares with a 1.3-billion-baht profit from the same period last year, according to its statement filed with the Stock Exchange of Thailand.

The latest haemorrhage brings the airline's total net loss for the year to 18 billion baht. For the entire 2014 year, THAI posted 15.6 billion in losses.

A source at THAI said on Monday that the airline this year could break its loss record of 21.3 billion, which was set in 2008.

Executive vice president Narongchai Wongthanavimok blamed the poor showing on foreign-exchange losses caused by the weakening baht, an export slump that hurt its cargo business, and competition, the SET statement said.

The airline is under pressure from Prime Minister Prayut Chan-ocha to slash more expenses to reverse its fortunes after a revitalisation plan badly missed its target.

THAI earlier said it wanted to cut 10 billion baht in costs, but so far has trimmed only two billion baht in expenses.

The quarterly earnings report sent THAI shares plunging 2.45%, ending the trading day at 9.95 baht.

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