Thai Airways International reports Loss of 4 Billion Baht in Third Quarter

Thai Airways International has reported its nine month results for fiscal year 2004/05 (October 2004 to June 2005), whereby the net profit for the nine months amounted to 4,428 million Baht and the net loss for the third quarter (April - June 2005) was 4,779 million Baht.

Mr. Somchainuk Engtrakul, THAI's Board Member acting as President, announced that THAI's nine month fiscal year 2004/05 (October 2004 to June 2005) revenue from the sale of goods and the rendering of services was 118,922 million Baht, with a profit from the sale of goods and the rendering of services of 8,123 million Baht, a decrease of 9,747 million Baht or 54.5% compared to the same period last year. Including other income and expense, THAI achieved a net profit of 4,428 million Baht, a year-on-year decrease of 4,167 million Baht. Therefore, earnings per share was 2.62 Baht per share compared to the earnings per share of 5.28 Baht for the same period last year and had a decrease in net earnings per share of 2.66 Baht compared to the same period last year.

During the third quarter (April - June 2005), revenue from the sale of goods and the rendering of services amounted to 37,128 million Baht and booking a 3,215 million Baht loss from the sale of goods and the rendering of services. THAI's net loss for the quarter was 4,779 million Baht. Earnings per share was minus 2.82 Baht, when compared to net loss of 913 million Baht for the same quarter in 2004 or a loss of 0.56 Baht per share.

THAI said that factors adversely impacting third quarter results include abnormally high fuel price that has increased by 55.1% over the same period last year. Increased personnel expenses was a result of a one-time change for implementing an early retirement program and the retro-effect (retro-effective to October 2004) implementing a new salary structure.

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