Thai Airways International fell sharply into the red in 2011, recording a net loss of Bt10.2 billion ($335 million) for the period ending 31 December, down from a net profit of Bt14.7 billion the year before.
Revenue stood at Bt194 billion, up 5.5% compared with 2010's figure of Bt184 billion, said the carrier in a stock exchange statement.
EBITDA was Bt17.2 billion, down 38.7% on 2010's figure of Bt28 billion.
Total expenses were at Bt200 billion, up 13.1% compared with last year because of a 38.7% year-on-year increase in jet fuel prices.
EBITDAR also dropped 30.1% to Bt22.6 billion. Thai Airways' passenger traffic for 2011 fell by 0.7% year-on-year, on capacity which was increased by 3.9%. Passenger load factor fell by 3.2 percentage points to 70.4% as a result.
Thai's cargo operation saw traffic fall by 4.5% on capacity increased by 4.5%, pulling the cargo load factor down by 5.3 percentage points to 56.2%.
During the year the carrier took delivery of nine aircraft, seven new Airbus A330-300s, principally used on regional routes, and two Boeing 777-300ERs, serving European destinations, were leased from India's Jet Airways.
Two A300s (MSN 566 and 569), both over 20 years old, were phased out, and work began to convert two 747-400s to freighters, to substitue for two leased 777 Freighters, one of which was returned in August 2011 and the other (MSN 852) is due back in March this year.
The conversion work, along with the cabin reconfiguration of eight 777-200s and other design and parts costs, contributed to a Bt2.5 billion charge in 2011.
Source: Air Transport Intelligence news
