Thai Airways collects “dubious honoursâ€
BANGKOK – The Sydney-based Centre for Asia Pacific Aviation has delivered gloomy report on Thai Airways, suggesting the carrier has been “racking up some dubious honours latelyâ€.
These include, says CAPA, “its worst quarterly loss since the Asian Financial Crisis of 1997, a recent 16-year low in its share price, a public board split over the tenure of its president, the halving of its budget unit’s operations, as well as a ratings downgrade that has triggered the deferral of a USD300 million bond issueâ€.
CAPA said the carrier slumped to a USD308 million second quarter loss to 30-Jun-08 (slightly worse than market expectations) on soaring fuel costs and a significant (USD150 million) exchange loss related to its USD and EUR borrowings (compared to a USD43 million gain in the previous corresponding period).
CAPA noted, “Thai’s problems are manifold and stem from its lack of progress during restructuring in the recent good times.
“The carrier’s stock has fallen 56 percent so far this year, on concerns Thai’s underlying business is poorly positioned to cope with the current environment, despite reasonable traffic growth rates this year.”
Ian Jarrett
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