Thai Airways International revealed its satisfactory operating results for the second quarter, moving forward with capital restructuring according to the business rehabilitation plan within this year and setting a goal to cancel the business rehabilitation within the second quarter of 2025. Mr. Piyasvasti Amranand, Chairman of the Rehabilitation Plan Executive Committee of Thai Airways International Public Company Limited, said that the operating results for the second quarter of 2024 showed total revenue of 43,981 million baht, an increase of 17.7 percent from the same period of the previous year, with EBITDA after aircraft rental of 4,401 million baht and net profit of 314 million baht, which is in line with the normal course of business where the second quarter is the period when travel demand is at its lowest of the year. The company resumed flights to Milan, Italy and Oslo, Norway to accommodate travel demand and developed a codeshare partnership with Kuwait Airways to connect to other destinations in the Middle East, North Africa and Europe. This resulted in a total of 3.81 million passengers in the second quarter of 2024 and an average cabin factor of 73.2 percent. As a result, in the first half of 2024, Thai Airways' total revenue was 89,936 million baht, an increase of 14.0 percent, with EBITDA after aircraft lease of 18,402 million baht and net profit of 2,738 million baht. Given the relatively good operating results above, Thai Airways is preparing to restructure its capital according to the business rehabilitation plan within this year. It is expected that the company will be able to submit the securities offering information form and the prospectus (Filing) for the capital restructuring to the SEC and the Stock Exchange of Thailand. Within September 2024, after which the process of exercising rights and notifying the intention to convert debt to additional capital of each group of creditors is expected to occur within November 2024, and the process of offering and subscribing to additional shares f or shareholders before capital restructuring is expected to occur within December 2024. After that, a petition will be filed with the Central Bankruptcy Court to cancel the business rehabilitation and Thai Airways shares will return to trading on the Stock Exchange within the second quarter of 2025, which is considered to be in line with the company's plan, as Thai Airways has been in the rehabilitation plan since 2020. Source: Thai News Agency
