It’s well known that Thai Airways International has been in dire financial straits for a couple of years now and is under intense political pressure to reverse its fortunes.
But instead of improving THAI’s financial situation appears to be getting even worse: On Wednesday, the national carrier of the self-proclaimed Land of Smiles has reported staggering third-quarter losses of 9.9 billion Baht – paving the way to a new all-time low.
These newly released figures aren’t just bringing the total net loss for the first nine months of 2015 to 18 billion Baht but are “plunging the struggling flag carrier deeper into the red than during all of 2014”. The Bangkok Post reports:
The loss for the July-September period compares with a 1.3-billion-baht profit from the same period last year, according to its statement filed with the Stock Exchange of Thailand.
The latest haemorrhage brings the airline’s total net loss for the year to 18 billion baht. For the entire 2014 year, THAI posted 15.6 billion in losses.
A source at THAI said on Monday that the airline this year could break its loss record of 21.3 billion, which was set in 2008.
While THAI was expected to suffer a “significant loss” in 2015, this would obviously be a new all-time record no one could be proud of breaking.