Thai Airways International reports Financial Results for Fiscal Year 2004

Thai Airways International has reported its financial results for fiscal year 2004 ending September 2004, with a net profit of 10,077 million Baht.

Mr. Kanok Abhiradee, THAI’s President, said that THAI’s financial results for fiscal year 2004 (October 2003 – September 2004) resulted in total revenues from the sale of goods and the rendering of services of 152,603 million Baht and THAI realized a net profit of 10,077 million Baht, a decrease of 2,002 million Baht or 16.6 percent compared to last fiscal year. This translated into earnings per share of 6.14 Baht for fiscal year 2004 through to the end of September 2004 compared to earnings per share of 8.63 Baht during last year’s fiscal year.

Revenues from the sale of goods and the rendering of services of the company increased from last year by 18,067 million Baht or 13.4 percent. This resulted from an increase in profits primarily in the area of passenger services, due to expansion of the company’s network to more destinations in efforts to reach more areas around the world, those being Sendai, Japan; Bangalore, India; Chiang Rung, China; Luang Prabang, Laos; and Milan, Italy.

In addition, the company increased flight frequencies to support increased passenger traffic, such as Bangkok-Seoul, Bangkok-Copenhagen, Bangkok-London, Bangkok-Frankfurt, Bangkok-Munich, and other routes. Operating expenses increased from 117,230 million Baht to 132,206 million Baht, when compared to the same period last year at 14,976 million Baht or 12.8 percent, mainly from the increased cost of jet fuel due to adjustments in jet fuel price that rose approximately 22.8 percent. As well, the company experienced a foreign exchange loss at 2,179 million Baht due to a weakened Baht.

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