Thai Airways on Monday reported a turn around to half-yearly profit helped by lower expenses, asset sales and debt restructuring made as a part of its rehabilitation plan.
The company posted an interim consolidated profit of THB11.12 bn ($333m), its first since the start of the COVID pandemic, compared to a loss of THB28bn from a year ago.
Half-year consolidated total revenues from sales or rendering services dropped nearly 80% to THB8.3bn with air travel still suffering as international borders remain partially shut and quarantine measures continue to be imposed.
Removal from SET index
The beleaguered airline is set to be removed from the Stock Exchange of Thailand’s benchmark SET index from 18 August, as trading in its shares have been suspended for three months.
In March, the Stock Exchange of Thailand announced that Thai Airways is subject to possible delisting after the company showed negative equity holdings of minus THB128.7bn in its 2020 annual report.
The stock exchange gave the airline three years to eliminate delisting grounds.
Negative total shareholder equity
As of 30 June, the company said its total shareholder equity reduced to minus THB116.5bn compared to minus THB128.7bn six months ago.
As a part of its restructuring plan approved by a Thai court in June, Thai Airways recorded THB8.6bn in debt restructuring profit after the company was exempted from paying interest on loans for three years and debt deadlines extended.
The company also received THB2.7bn from a stake sale in Bangkok Aviation Fuel Services to Ratch Group in the first half of 2021.