Thai Airways International reports net profit of 6,777 million Baht

Thai Airways International's financial results for fiscal year 2005 (October 2004 – September 2005) resulted in total revenues from the sale of goods and the rendering of services of 162,488 million Baht with a net profit of 6,777 million Baht, a decrease of 3,300 million Baht or 32.7% compared to the last fiscal year. This translated into earnings per share of 4 Baht for fiscal year 2005 compared to earnings per share of 6.14 Baht for fiscal year 2004.

The company’s revenues from the sale of goods and the rendering of services increased from last year by 9,885 million Baht or 6.5%. Contributions of profits primarily came from passenger revenue resulting from expansion of the company’s network to more destinations in efforts to reach more areas around the world, and the increased flight frequency to support increased passenger traffic.

Operating expense increased from 132,105 million Baht to 151,664 million Baht, when compared to the same period last year, an increase of 19,559 million Baht or 14.8% resulting from the high increase in fuel prices that rose by 50.1%, and a one time charge against personnel expenses for a mutual separation plan to down-size the organization and reduce personnel expenses, along with an adjustment of the company’s salary structure. The company did, however, also gain 1,470 million Baht in foreign exchange due to a stronger Baht.

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