Thai Airways International (THAI) turned a profit in 2016, an improvement from a big loss in the previous year.
The national carrier reported a consolidated net profit of 47 million baht in 2016, compared to a net loss of 13 billion baht in 2015, according to its filing to the Stock Exchange of Thailand on Tuesday evening.
Net profit per share was 0.01 baht compared to a net loss per share of 5.99 baht last year.
Operating profit in 2016 was 4.1 billion baht compared to a net operating loss of 1.3 billion baht, due largely to a 7.1% drop in overall expenses, including fuel costs, which fell 28.3%.
Acting THAI president Usanee Saengsingkaew said of the 47-million-baht profit, 15 million came from THAI while the balance came from its subsidiaries.
Earnings before interest, taxes, depreciation and amortisation were 24.8 billion baht compared to 19.6 billion in 2015.
The company posted a foreign exchange gain of 685 million baht last year.
Total revenue dropped 4.3% or 8.2 billion baht, mainly due to a 2.9% decline of 4.4 billion baht in income from fares and extra luggage charges.
THAI ran a fleet of 95 aircraft last year, the same number as in the previous year. It took delivery of two A350-900 XWB aircraft, mainly for intercontinental routes and decommissioned two B777-200 aircraft during the year.
The cabin factor improved from 72.9% in 2015 to 73.4% last year, when it carried 22.3 million passengers, up by 4.8% year-on-year.
As of Dec 31, 2016, THAI and its subsidiaries had total assets worth 283.12 billion baht, down 6.4% from the end of 2015. Total debts were 249.54 billion baht, down 7.4%.
THAI shares closed up 10 satang to 19.30 baht in trade worth 160 million baht before the news was announced on Tuesday.