News Forum - Thai Airways makes 1 million baht in 1 minute from selling airplane seats

[Thaiger]

Thai Airways International made over a million baht in just a minute yesterday by selling their colourful economy class seats from a decommissioned Airbus A330-300. The strapped-for-cash airline climbing out of an around 400 billion baht debt has been working on ways to stay afloat financially during the pandemic, like selling off its warehouse items and opening up a pop-up restaurant serving in-flight meals. The airline, which is going through a debt restriction plan under the Central Bankruptcy Court, sold the aircraft seats for 35,000 baht for each pair. The pink, purple, and yellow seats were sold through a live-streamed […]

The story Thai Airways makes 1 million baht in 1 minute from selling airplane seats as seen on Thaiger News.

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[DoUKnowWhoIAm]

6 minutes ago, Thaiger said:

The seats were properly cleaned and still have the seat belts.

What kind of plonker would buy such ass-torture equipment? The only reason that makes sense would be a shrink who treats people aviophobia.

[Mazz11]

Maybe they will be able to refund me for my ticket purchased before Covid  

[KaptainRob]

So they sold approx 30 seats, only another 12,000,000 more sales to settle the debt! 

[AdvocatusDiaboli]

4 minutes ago, KaptainRob said:

So they sold approx 30 seats

31 if you include KaptainRob’s

[DoUKnowWhoIAm]

53 minutes ago, Mazz11 said:

Maybe they will be able to refund me for my ticket purchased before Covid  

You'll get 100 napkins, 4 coffee pots, 8 cups, 8 bottle openers, 10 cutlery sets and 50 packs of earplugs.

[Boddown]

Or North Korea is updating its planes and Ned's these seats for first class lol

[Cathat]

6 hours ago, Mazz11 said:

Maybe they will be able to refund me for my ticket purchased before Covid  

solly sir,can not.

different company now.

you had about 48 hours to file your claim against the old company with the administrators in bangkok.you different place,bad luck to you.

to late now,must buy new but vely cheap.

Edited March 30, 2022 by Cathat

[Soidog]

Maybe Thai Airways management have finally found something that are good at. Certainly no good a running an airline company. Soft furnishings or sofas in Robinson is perhaps a better option for them…

[Cathat]

5 hours ago, Soidog said:

Maybe Thai Airways management have finally found something that are good at. Certainly no good a running an airline company. Soft furnishings or sofas in Robinson is perhaps a better option for them…

Robinsons went bust at the start of the pandemic after more than 160 years in business. 

Think somebody bought the name off the liquidator and started up again online only. 

I agree, the tg management could probably do something similar however selling a load of old rubbish they found at the back of a hangar probably won't cut it long term. 

[Mazz11]

8 hours ago, Cathat said:

solly sir,can not.

different company now.

you had about 48 hours to file your claim against the old company with the administrators in bangkok.you different place,bad luck to you.

to late now,must buy new but vely cheap.

It's funny that you mention that, I did put a claim into the administrators with the assistance of my Thai girlfriend. I received an email stating that I was successful and surprise surprise, that was the last thing I heard from them. 

[Cathat]

30 minutes ago, Mazz11 said:

It's funny that you mention that, I did put a claim into the administrators with the assistance of my Thai girlfriend. I received an email stating that I was successful and surprise surprise, that was the last thing I heard from them. 

Only people I've heard of getting money back booked either by credit card or through a bonded travel agency. 

[Grumpish]

7 hours ago, Soidog said:

Maybe Thai Airways management have finally found something that are good at. Certainly no good a running an airline company. Soft furnishings or sofas in Robinson is perhaps a better option for them…

Car boot sales?

[HiuMak]

I will wait for the business class seats thank you

[KaptainRob]

58 minutes ago, HiuMak said:

I will wait for the business class seats thank you

Sorry, they need them for all free-l*****s - Board members, Govt officials and religious leaders. This is the new economy section stand-up seating >

[palooka]

2 hours ago, Mazz11 said:

It's funny that you mention that, I did put a claim into the administrators with the assistance of my Thai girlfriend. I received an email stating that I was successful and surprise surprise, that was the last thing I heard from them. 

You were successful ----you managed to get in contact with them.  That alone is a huge win, thousands have failed.

[Pinetree]

They have yet to work out that 'making money' (income/ turnover) is not 'profit'. That small but vital snippet seems to have passed them by. 

[Soidog]

27 minutes ago, Pinetree said:

They have yet to work out that 'making money' (income/ turnover) is not 'profit'. That small but vital snippet seems to have passed them by. 

An interesting point. I often ask people I know who own small shops or market stalls how much profit they make. Then comes the long winded discussion of profit is the difference between revenue and costs. The conversation often goes like this:

How much profit do you make from this business?

I take about 4,000 a day

How much of that is profit

I don’t understand 

[KaptainRob]

28 minutes ago, Pinetree said:

They have yet to work out that 'making money' (income/ turnover) is not 'profit'. That small but vital snippet seems to have passed them by. 

Their most recent financial report was a whitewash claiming a 'profit' (from asset sales ) >

Quote

For calendar 2021, THAI posted a net profit of US$1.7 billion but recorded negative shareholder's equity of $2.1 billion.

Reading other reports (behind paywall) revealed this >

Quote

In the full-year to 31 December 2021, Thai posted an operating loss of Bt19.7 billion ($604 billion), compared with an operating loss of Bt35.4 billion a year earlier, says the carrier.

https://simpleflying.com/thai-airways-restructuring-plan-progress/

https://www.flightglobal.com/airlines/thai-narrows-2021-operating-losses-amid-revenue-plunge/147735.article#

[Pinetree]

My FD used to say to me each FY, how much profit do you want to see on the accounts  this year??? 

Millions of ways to skin the accounts cat, legally. 

[Pinetree]

21 minutes ago, Soidog said:

An interesting point. I often ask people I know who own small shops or market stalls how much profit they make. Then comes the long winded discussion of profit is the difference between revenue and costs. The conversation often goes like this:

How much profit do you make from this business?

I take about 4,000 a day

How much of that is profit

I don’t understand 

Yep, we have had that conversations many times with g/fs mum and Dad, for the shop we built for them. They still haven't really got it. I never did have the conversation on return on capital used to build the damn thing, or depreciation of the assets. 

[Soidog]

2 minutes ago, Pinetree said:

Yep, we have had that conversations many times with g/fs mum and Dad, for the shop we built for them. They still haven't really got it. I never did have the conversation on return on capital used to build the damn thing, or depreciation of the assets. 

. Yes I’ve had the same. Even the basic profit is a challenge. The chances of getting to things like Net Present Value or Return On Investment. Despite having a bit of fun at Thai Airways executives expense, I assume they do understand all of these things. At least I hope the CFO and CEO do???

[Pinetree]

13 minutes ago, Soidog said:

I assume they do understand all of these things. At least I hope the CFO and CEO do???

Is there any solid evidence of that? 

[palooka]

19 minutes ago, Pinetree said:

Yep, we have had that conversations many times with g/fs mum and Dad, for the shop we built for them. They still haven't really got it. I never did have the conversation on return on capital used to build the damn thing, or depreciation of the assets. 

Have the same problem, they think that any money from sales is profit, until it comes time to buy stock.

If they sell 1,000 baht of stock and you try to explain that only about 10% is profit ie 100 baht they look at you like you're weird and say no, have 1,000 baht.

[Pinetree]

6 minutes ago, palooka said:

Have the same problem, they think that any money from sales is profit, until it comes time to buy stock.

If they sell 1,000 baht of stock and you try to explain that only about 10% is profit ie 100 baht they look at you like you're weird and say no, have 1,000 baht.

We've all been there.  Trouble is, my g/fs mum can't read or write, but is the intelligent one and kind of understands, a bit, but her Dad is a bit senile,  but can read and wrote.  Its an impossible combination.