Thai Airways’ profits rise on increased traffic

Monday, 13 May 2013 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: Thai Airways International Pcl reported a 58% rise in quarterly net profit on Friday thanks to an increase in passengers in what was the high season for tourism plus gains on foreign exchange.

The airline posted a net profit of 8.28 billion baht (US$281 million) for the first three months of 2013, up from a revised 5.22 billion baht in the same period last year, and topped the 6-7 billion baht which it was forecast to make by three analysts surveyed by Reuters.

Thai Airways, facing fierce regional competition from bigger rivals such as Singapore Airlines and Cathay Pacific Airways, has benefited from rising travel demand as it shifts its focus from Europe to high-growth markets in Asia.