THAI Announces Results Of The Second Quarter And Six Months` Operations

Following the company`s report of Thai Airways International Public Company Limited in its second quarter (January-March 2001), the airline achieved the net profit of 790 million baht. For the six months` operations between October 2000 to March 2001, THAI announced a net loss of 935 million baht.

Mr. Amnuay Chanya, THAI`s Executive Vice President, Finance and Information Technology, announced a total revenue of 33,240 million baht during the second quarter and net profit of 790 million baht, which is a decrease of 1,246 million baht or 61.19 per cent compared to the same period last year. This is due to a sharp increase of world`s oil price, which resulted in an increase of 1,021 million baht expenditure on aircraft fuel compared to the same period the year before. In addition, the weakening of baht value caused a loss of 2,674 million baht in foreign exchange compared to the same period last year where THAI gained 1,128 million baht from the foreign exchange. The foreign exchange loss in the second quarter was 3,802 million baht higher than the same period last year.

As for the six months` operations between October 2000 to March 2001, THAI announced a total revenue of 65,919 million baht and net loss of 935 million baht, a decrease of 10,625 million baht or 109.65 percent, compared to the same period last year. This is equivalent to 0.67 baht net loss per share compared to earnings per share of 6.92 baht in the same period last year. This is a result of increase in fuel cost, which was 4,187 million baht higher than the same period last year. The devaluation of the Thai baht resulted in a loss in foreign exchange of 4,180 million baht compare to the same period last year in which THAI achieved 7,977 million baht profit from the foreign exchange. During the six months` operations, THAI was affected from a total loss from foreign exchange of 12,157 million baht compared to the same period last year.

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