February 27, 2008
BANGKOK - Flag carrier Thai Airways International yesterday said its net profit plunged by 54.3 percent in the three months to December 2007 due to heavy foreign currency losses.
Net profit totaled 1.8 billion baht (57 million dollars), down 54.3 percent from a year earlier with pre-tax profit also falling 53.5 percent to 2.7 billion baht.
"A fall in net profit was mainly due to foreign currency losses as opposed to foreign currency gains in 2006," a company official said.
Thai Airways incurred 176 million baht in foreign currency losses in the October-December period, reversing 1.66 billion baht in foreign currency gains a year earlier, according to AFP.
The airline's revenue jumped 10.6 percent to a record of 53.5 billion baht. Some 93 percent of its sales came from international flights.
Despite soaring fuel costs, which rose 25 percent year-on-year, the airline filled 80 percent of seats, the highest in recent years.
Flights from Bangkok to major European cities and those from Bangkok to New Delhi, as well as to Tokyo, were among the most profitable routes during the three months.
Thai Airways is controlled by the Thai government, which holds a 54.21 percent stake.
