A lot of the price-sensitive tourist trade originating in Europe/UK seems to opt for one-stop service on one of the ME carriers, even though TG's non-stop service might be ideal schedule-wise, given the relatively large price difference. There's not a lot of competition on non-stop service, so TG charges what it thinks it can get.

The weaker baht certainly helped TG, essentially they export "seats" so they get much more than 50% of their revenue in GBP, EUR, JPY, although this effect didn't really kick in until Q2 (not sure how they recognize revenue). Lowered fuel costs, and expiration of hedges probably helped the most in Q1.

They are trying to reduce staff, even offering extremely attractive buy-outs, but not sure how successful they will ultimately be as anyone who wants to take the buy-out is probably a decent worker and able to get another job. And the dead-wood remains. The extra benefits, too many to list, for working at a State Enterprise are HUGE here, and no one wants to give those up.