May 15, 2008
BANGKOK - Thai Airways International yesterday reported a 47.6 percent drop in its net profit in the first quarter due to high fuel costs and strong baht currency.
Its net profit from January to March was 2.21 billion baht (68.2 million dollars) compared to 4.23 billion baht during the same period lof ast year, the company said in a filing to the stock exchange.
Earnings per share fell to 1.30 baht from 2.49 baht.
Total sales revenue rose 10.6 percent to 54.86 billion baht from 49.59 billion baht year-on-year, according to AFP.
The cost of fuel was 5.54 billion baht higher than the first quarter of last year, rising to 19.56 billion baht.
The strong Thai currency lowers the value of the airline's repatriated profits from overseas. As a result, Thai Airways reported a foreign exchange loss of 664 million baht.
But the airline said its planes were carrying more passengers, with 81.6 percent of seats filled, compared to 80.4 percent in the first quarter last year.
