BANGKOK, Mar 1: Thai Airways International Pcl reported a quarterly net profit on Friday, turning around from a loss a year earlier, as gains from foreign exchange outpaced higher staff costs.
Thailand’s flag carrier posted an October-December net profit of 2.36 billion baht ($79 million) versus a loss of 5.4 billion baht in the fourth quarter of 2011, when severe floods cut passenger numbers.
The profit was higher than the average forecast of 1.2 billion baht from nine analysts polled by Reuters.
For 2012, the airline made a net profit of 6.23 billion baht, recovering from a loss of 10.2 billion baht in 2011, with its cabin factor, the percentage of seats sold, rising to a five-year high of 76.6 percent.
Thai Airways, facing fierce regional competition from bigger rivals such as Singapore Airlines and Cathay Pacific Airways, should benefit from rising travel demand after it shifts its focus from Europe to high-growth markets in Asia.
(AGENCIES)
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