Thai Airways falls into red for financial 2017

Thai Airways falls into red for financial 2017

Thai Airways reported losses for 2017 despite increased passenger numbers, load factors and the welcoming of new aircraft.

The national flag-carrier suffered a net loss of B2.11 billion ($67.41 million) for the 2017 fiscal year, blaming aircraft maintenance, an impairment loss, and higher fuel prices.

The figure compares to a B15.14 million profit in 2016.

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The airline missed analysts’ estimates of B2.6 billion in profits for 2017.

The downturn came even though passenger carryings rose by more than ten per cent to 24.6 million, as international tourist arrivals to Thailand increased by 9.9 per cent to 35.2 million.

Load factors, at 79.2 per cent, were the highest in a decade, and up from 73.4 per cent a year earlier.

However, the airline warned that competition from low-cost carriers and upward trend of fuel prices were risks for the year ahead.