Latest news with #PiyasvastiAmranand
CNA
04-08-2025
- Business
- CNA
Thai Airways' share price soars more than 200% after trading resumption
BANGKOK :Thai Airways International's stock price had risen 216 per cent when the market closed on Monday after shares in the airline resumed trading following a hiatus of nearly five years Shares rose as much as 231 per cent higher in early trade and ended the day at 10.5 baht from around 3 baht before trading was suspended. The national carrier went into bankruptcy-protected restructuring in 2020 at the onset of the pandemic. The airline had been in trouble well before the pandemic, reporting losses nearly every year since 2012 after low-cost carriers eroded its market share, especially in short haul routes in Southeast Asia. When COVID struck, Thai Airways was granted bankrupt-protected debt restructuring worth 400 billion baht. It brought top executives into its restructuring committee chaired by former energy minister Piyasvasti Amranand, who was also the company's chief executive in 2009 to 2012 when it was profitable. Over the five years from 2020, the airline reduced debt to 190 billion baht and reported operational profits in 2023. In the first quarter of this year, net profits reached $9.8 billion, up 300 per cent from the the same period last year. It currently flies 78 jets and reported a cabin factor - the percentage of seats filled with passengers - of 83.3 per cent. The airline hailed the resumption of trade as "a pivotal new chapter for the airline, which stands as a profound source of national pride for the Thai people." "THAI is now strategically positioned for robust, stable, and sustainable growth. This is driven by a steadfast commitment to elevating operational standards and service quality, coupled with a strong emphasis on corporate governance," it said in a statement. The committee launched debt to equity plans and went on to slash half of its support staff to 16,000. It also initiated plans to cut its fleet from 103 to 85 aircraft and shed its budget carrier, Thai Smile. Last year, the carrier ordered 45 Boeing 787-9 wide-body jets with an option for 35 more. In July, it said it could exercise the option as part of Thailand's tariff negotiations with the United States. ($1 = 32.4500 baht)
Business Times
04-08-2025
- Business
- Business Times
Thai Airways' share price soars more than 200% after trading resumption
[BANGKOK] Thai Airways International's stock price had risen 216 per cent when the market closed on Monday (Aug 4) after shares in the airline resumed trading following a hiatus of nearly five years. Shares rose as much as 231 per cent higher in early trade and ended the day at 10.5 baht from around three baht before trading was suspended. The national carrier went into bankruptcy-protected restructuring in 2020 at the onset of the pandemic. The airline had been in trouble well before the pandemic, reporting losses nearly every year since 2012 after low-cost carriers eroded its market share, especially in short haul routes in South-east Asia. When Covid struck, Thai Airways was granted bankrupt-protected debt restructuring worth 400 billion baht (S$16 billion). It brought top executives into its restructuring committee chaired by former energy minister Piyasvasti Amranand, who was also the company's chief executive in 2009 to 2012 when it was profitable. Over the five years from 2020, the airline reduced debt to 190 billion baht and reported operational profits in 2023. In the first quarter of this year, net profits reached US$9.8 billion, up 300 per cent from the the same period last year. It currently flies 78 jets and reported a cabin factor – the percentage of seats filled with passengers – of 83.3 per cent. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The airline hailed the resumption of trade as 'a pivotal new chapter for the airline, which stands as a profound source of national pride for the Thai people.' 'THAI is now strategically positioned for robust, stable, and sustainable growth. This is driven by a steadfast commitment to elevating operational standards and service quality, coupled with a strong emphasis on corporate governance,' it said in a statement. The committee launched debt to equity plans and went on to slash half of its support staff to 16,000. It also initiated plans to cut its fleet from 103 to 85 aircraft and shed its budget carrier, Thai Smile. Last year, the carrier ordered 45 Boeing 787-9 wide-body jets with an option for 35 more. In July, it said it could exercise the option as part of Thailand's tariff negotiations with the United States.
CNA
04-08-2025
- Business
- CNA
Thai Airways' share price surges after trading resumption
BANGKOK :Thai Airways International's stock price surged as much as 231 per cent after shares in the airline resumed trading on Monday before falling back later in the morning. The stock was up 186 per cent at 9.5 baht ($0.2872) at 12:50 p.m. (0550 GMT). The national carrier went into bankruptcy-protected restructuring in 2020 at the onset of the pandemic. The airline had been in trouble well before the pandemic, reporting losses nearly every year since 2012 after low-cost carriers eroded its market share, especially in short haul routes in Southeast Asia. When COVID struck, Thai Airways was granted bankrupt-protected debt restructuring worth 400 billion baht. It brought in top executives for its restructuring committee chaired by former energy minister Piyasvasti Amranand, who was also the company's chief executive in 2009 to 2012 when it was profitable. The committee launched debt to equity plans and went on to slash half of its support staff to 16,000. It also initiated plans to cut its fleet from 103 to 85 aircraft and shed its budget carrier, Thai Smile. Over five years from 2020, the airline reduced its debt to 190 billion baht and reported operational profits in 2023. In the first quarter of this year, net profits reached $9.8 billion, up 300 per cent from the the same period last year. It currently flies 78 jets and reported a cabin factor - the percentage of seats filled with passengers - of 83.3 per cent. Last year, the carrier ordered 45 Boeing 787-9 wide-body jets with an option for 35 more. In July, it said it could exercise the option as part of Thailand's tariff negotiations with the United States. ($1 = 32.4500 baht)
Bangkok Post
04-08-2025
- Business
- Bangkok Post
Thai Airways' share price takes off after trading resumes
Thai Airways International's stock price (THAI) surged as much as 231% after shares in the airline resumed trading on Monday, before falling back later in the morning. The stock was up 186% at 9.5 baht at 12.50pm. The national carrier went into bankruptcy-protected restructuring in 2020 at the onset of the pandemic. The airline had been in trouble well before the pandemic, reporting losses nearly every year since 2012 after low-cost carriers eroded its market share, especially in short haul routes in Southeast Asia. When covid struck, Thai Airways was granted bankrupt-protected debt restructuring worth 400 billion baht. It brought in top executives for its restructuring committee chaired by former energy minister Piyasvasti Amranand, who was also the company's chief executive in 2009 to 2012 when it was profitable. The committee launched debt to equity plans and went on to slash half of its support staff to 16,000. It also initiated plans to cut its fleet from 103 to 85 aircraft and shed its budget carrier, Thai Smile. Over five years from 2020, the airline reduced its debt to 190 billion baht and reported operational profits in 2023. In the first quarter of this year, net profits reached $9.8 billion, up 300% from the the same period last year. It currently flies 78 jets and reported a cabin factor - the percentage of seats filled with passengers - of 83.3%. Last year, the carrier ordered 45 Boeing 787-9 wide-body jets with an option for 35 more. In July, it said it could exercise the option as part of Thailand's tariff negotiations with the United States.
BusinessToday
23-07-2025
- Business
- BusinessToday
Thai Airways Resumes Trading In August After Pandemic Triggered Bankruptcy
Thai flag carrier Thai Airways International will resume trading in August, the stock exchange said on Wednesday, marking the end of a long restructuring process triggered by the pandemic. In 2020, the national carrier went into bankruptcy-protected restructuring, and drew up plans to restructure debts worth 400 billion baht ($11.17 billion). As part of those plans, it reduced its workforce by half and trimmed its also appointed Piyasvasti Amranand, the airline's president from 2009 to 2012 to its restructuring committee, along with a number of veteran bankers. Thai Airways had already been making losses since 2012 as a result of growing competition from budget carriers. As part of the restructuring programme, the government reduced its stake, meaning that the carrier lost its state-owned enterprise status. 'The SET approves the removal of THAI securities from the possible delisting list, the lifting of its suspension and non-compliance designations,' the Stock Exchange of Thailand said in a statement. Reuters Related
