Thai Airways International Public Company Limited (SET: THAI) has announced its 2024 consolidated financial statement through the Stock Exchange of Thailand as follows:
THAI reported a net loss of THB 26,934 million in 2024, compared to the previous year recorded a net profit of THB 28,096 million. The loss was primarily due to a record of net one-time items as expenses of THB 49,260 million, mainly from loss on debt restructuring.
Loss from debt restructuring was THB 45,271 million, a one-time accounting loss from debt-to-equity conversion under the business rehabilitation plan. The majority of accounting loss amounted to THB 40,582 million, was from creditors exercising their right to convert their existing debt at the price under business rehabilitation plan, which was lower than the fair value. The remaining loss from debt-to-equity conversions by creditors who received early debt settlements ahead of the schedule specified in the rehabilitation plan. However this accounting loss is a one-time occurrence which is unrelated to THAI operations and does not affect the completion of the business rehabilitation plan, since after the capital restructuring process, THAI’s shareholders’ equity remains positive.
EBITDA after deducting cash payment of debt under aircraft lease terms including Power by the hour for 2024 was THB 41,839 million, THB 1,036 million (2.4%) less than the same period last year.
As of December 31, 2024, THAI and its subsidiaries had cash and cash equivalents of THB 84,212 million, representing 28.8% of total assets, an increase from December 31, 2023 of THB 31,273 million (59.1%).
THAI had total revenue (excluding one-time items) of THB 187,989 million, THB 26,922 million (16.7%) higher than the same period last year. Mainly from an increase in transportation revenue of THB 24,035 million (16.2%), resulting from passenger revenue increased by THB 22,231 million (16.7%) due to the increase in the number of flights and routes to accommodate the increasing passenger demand.
As a result, THAI reported an operating profit before finance costs (excluding one-time items) of THB 41,515 million, THB 1,304 million (3.2%) higher than the same period last year.
