THAI loses B4bn in Q3 on foreign currency, yields
TAWNF | Quote | Chart | News | PowerRating -- Thai Airways International (THAI) posted a 4.03-billion-baht net loss in the third quarter due largely to foreign currency losses and lower yields.
The loss in the July-September quarter, at 2.37 baht per share, was larger than analysts expected and was in contrast with the same period last year, when it made 425 million baht net profit.
But this year's third-quarter loss for the flag carrier was less than the preceding quarter's shortfall of 5.4 billion baht.
The third-quarter loss was higher than the average 3.44-billion-baht loss forecast by five analysts surveyed by Reuters.
Analysts suggested fourth-quarter earnings may be poor as THAI faces fiercer competition and more expensive jet fuel, even though passengers should improve due to seasonal travel demand.
For the first nine months of this year, THAI's net loss was 1.57 billion baht (0.92 baht a share), improving from 6.61-billion-baht (3.89 baht a share) losses in the same period last year.
THAI president Piyasvasti Amranand said recently the airline was unsure if it would return to profitability this year, but he was optimistic the airline would show a net profit next year.
Like other global airlines, THAI's passenger business has been slowly recovering from a slump caused by recession.
But the entire industry is still running at a loss and the International Air Transport Association (IATA) has forecast losses of US$11 billion for the industry in 2009 and $3.8 billion in 2010.
THAI is undergoing a rehabilitation after posting a net loss of 21.4 billion baht in 2008.
THAI shares closed yesterday on the SET at 19.50 baht, down 20 satang, in trade worth 106.8 million baht.
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