News Forum - Thai Airways generates profits, Maya bay re-opens | Good Morning Thailand LIVE | Ep.132

[Thaiger]

In today’s episode Jay, Tim and Arina discuss about the re-opening of Maya Bay, Thailand’s electric vehicle ecosystem and Thai Airways making a profit.

The story Thai Airways generates profits, Maya bay re-opens | Good Morning Thailand LIVE | Ep.132 as seen on Thaiger News.

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[KaptainRob]

Would love to see how TG's monumental "profit" was arrived at  how many asset sales went on the books as income?

[ThaiEyes]

25 minutes ago, KaptainRob said:

Would love to see how TG's monumental "profit" was arrived at  how many asset sales went on the books as income?

Indeed it did seem lightening fast too. Usually a badly failing airline is torn apart and reshuffled ove a good period of time before they bounce back. Oh well, this suspect news is one way to inspire confidence in the airline I suppose.

[longwood50]

Supposedly Thai Air generated a profit of 51 billion baht during the first 9 months of 2021.  If that is the case their answer to running the airline is to continue to not fly.  Obviously they do far better when the business is closed due to the pandemic than when it is operating. 

I would guess they used the same accountant that Joe Biden used when Biden said he was looking to spend $3.5 trillion and "it was not going to cost anything".

 

[Jason]

Thai airways generates profit by sacking workers, should be the headline.

[la-resistance]

And they still owe about ฿ 24 Billion in refunds for unused tickets, so I think that's the way they owe the money, just scam passengers.

[Thommo]

i guess they got confused with the english   they didnt realize revenue and profit are not the same 

[la-resistance]

7 hours ago, longwood50 said:

Supposedly Thai Air generated a profit of 51 billion baht during the first 9 months of 2021.  If that is the case their answer to running the airline is to continue to not fly.  Obviously they do far better when the business is closed due to the pandemic than when it is operating. 

I would guess they used the same accountant that Joe Biden used when Biden said he was looking to spend $3.5 trillion and "it was not going to cost anything".

If they really generated a net profit they would easily be able to pay back the refunds and restore their reputation which would help them when the world opens up again.

[longwood50]

15 hours ago, la-resistance said:

If they really generated a net profit they would easily be able to pay back the refunds and restore their reputation which would help them when the world opens up again

Unless they use a different set of accounting rules here in Thailand the sale of an asset does not generate income.  It removes the plane off the balance sheet as an asset and replaces it with cash on the balance sheet.   The only way an asset sale would generate income is if it is sold for more money than its book value.  I seriously doubt that used planes are selling in a covid pandemic for more than their carrying value. 

Edited November 17, 2021 by longwood50

[Agudbuk]

16 hours ago, Thommo said:

i guess they got confused with the english   they didnt realize revenue and profit are not the same 

Maybe. 

it would be interesting to see the full audited figures

[Bob20]

I rather think they managed to sell a few planes to play even (incl. the financial assistance they received already) and then sold a bottle of water to a passenger to make the figures only just coming out of the red

[KaptainRob]

According to the most up-to-date info I can find, and it is circumstantial, TG have not sold any aircraft.  What is not generally known is the very poor condition of the aircraft which have been stored in-country and subjected to rain, dust and smog over the years.  Winds drive salt laden air for many kilometres and rain may contain impurities (acid rain), therefore rendering the aircraft non-airworthy through corrosion. 

The mere fact they are offered on an "as is where is" condition of sale indicates many, especially the A340's, may end up being scrapped. 

[Stardust]

On 11/16/2021 at 12:02 PM, longwood50 said:

Supposedly Thai Air generated a profit of 51 billion baht during the first 9 months of 2021.  If that is the case their answer to running the airline is to continue to not fly.  Obviously they do far better when the business is closed due to the pandemic than when it is operating. 

I would guess they used the same accountant that Joe Biden used when Biden said he was looking to spend $3.5 trillion and "it was not going to cost anything".

Exactly the aviation numbers show exactly the opposite. It would be interesting who is the accountant. Must be someone from the TAT.