Thai Airways International Pcl reported a fourth-straight quarterly profit as passenger numbers continued to improve in the wake of Covid, with extra impetus coming from travelers from China.
Net income for the three months through September was 1.54 billion baht ($43 million), rebounding from a loss of 4.79 billion baht a year earlier, the airline said in an exchange filing Friday.
Passenger numbers hit 3.27 million, up 22% from the same quarter last year, when Thailand had just started to ease Covid travel restrictions. Despite being a low season for tourism, the number of visitors from China rose 13% from the previous quarter to 1.05 million, according to government data.
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Thai Air plans to exit from a court-supervised debt restructuring earlier than scheduled in late 2024 as the rebound in global travel and Thailand’s relaxation of visa rules boosts its earnings and cash flow. The airline posted losses every year bar two since 2013 and filed for bankruptcy protection in 2020. Most creditors agreed to extend terms and cut some interest repayments as part of a rehabilitation plan.
The carrier’s operating profit before finance cost and one-time items surged 97% last quarter to 7.72 billion baht.
