Thai Airways International’s action price jumped up to 231 % on Monday, following the resumption of exchanges on the title of the airline, before falling later in the morning.
At 12:50 p.m. (05:50 GMT), the title posted an increase of 186 % to 9.5 baht ($ 0.2872). The national company had entered the restructuring procedure under protection against bankruptcy in 2020, at the start of the pandemic.
Thai Airways was in difficulty long before the health crisis, recording losses almost every year since 2012, while low-cost companies nibbled its market share, especially on short-coat lines in Southeast Asia.
When the covid struck, Thai Airways benefited from a restructuring of debt under protection against bankruptcy in the amount of 400 billion baht. The company called on high -level executives for its restructuring committee, chaired by former Minister of Energy Piyasvasti Amranand, who also held the CEO position from 2009 to 2012, during which the company was profitable.
The Committee launched equity debt conversion plans and has suppressed half of its support workforce, bringing their number to 16,000. It also hired a reduction in the fleet, from 103 to 85 aircraft, and separated from its low cost subsidiary, Thai Smile.
In five years, from 2020 to today, the airline has reduced its debt to 190 billion baht and recorded operational profits in 2023. In the first quarter of this year, net profit reached $ 9.8 billion, up 300 % compared to the same period the previous year.
The company currently operates 78 aircraft and has displayed a filling rate of 83.3 %.
Last year, Thai Airways ordered 45 Boeing 787-9 long-haul, with an option for 35 additional devices. In July, she indicated that it could exercise this option as part of the tariff negotiations between Thailand and the United States.
(1 $ = 32,4500 bahts)
