Creole Spirit

Finally today and with a certain delay, the company posted its all year 2019 results incl. 4Q19, Analyst briefing and presentation:

http://thai.listedcompany.com/misc/m...-fy2019-en.pdf
http://thai.listedcompany.com/misc/P...fing4q2019.pdf

transpac

THAI president tenders his resignation

Thai Airways International Plc president Sumet Damrongchaitham has tendered his resignation letter, after his plans to rehabilitate the loss-ridden national flag carrier were reportedly rejected by the airline's board.

Transport Minister Saksayam Chidchob said on Thursday he had been informed by the THAI board that Mr Sumet had submitted his letter of resignation.

The board meeting on Thursday had not rejected Mr Sumet's resignation, which was effective from April 11, the transport minister said.

https://www.bangkokpost.com/thailand...is-resignation

Kacee

Contrary to the article's lead, numerous more reliable sources report that the reason for his resignation, as well as that of the Director of Suvarnabhumi, was in protest of the government's handling of coronavirus, specifically its failure/refusal to take appropriate steps to protect airport and airline workers.

transpac

Riddle, mystery, enigma.

So many things here are layered, nuanced and based on familial connections and the originating province in China.

Who really knows what happened here (TG and AoT/SBIA)? Chai Chidchob perhaps?

Yes, the second layer read indicates some dissatisfaction (PR smoke/cover - spending more time with one's families here isn't a big thing) with the "government's" handling of the virus situation. That smells like a misdirect too.

Sumet probably looked at the books and figured now was the best time to open the emergency exit and slide down the ramp. Or Chidchob Sr. didn't like what Sumet was telling his son, and him?

Interesting that both the MoPH and Transport are BJT "troughs".

Kacee

Good point. It's always about politics and money at the end of the day.

Creole Spirit

https://www.nationthailand.com/news/...ernal_referral

Thai Airways International Plc (THAI) is grounding 12 planes to reduce operational cost amid the Covid-19 situation. The airline’s flight demand has fallen by some 30 per cent, Cherdphan Chotikhun, executive vice president of THAI's Technical Department, said. The 12 planes to be grounded under this plan are: three Airbus A380s -- to be grounded for seven months; six Boeing 777-200s -- to be grounded from Monday (March 16) onwards and will not be recommissioned; an Airbus 330-300 HS-TEU, which has been grounded since March 10; an Airbus 330-300 HS-TES and a Boeing 777-300 HS-TKE -- both will be grounded from Friday (March 20) onwards. “The Boeing 777-200s will not be used again as they have high maintenance cost up to Bt1 billion,” he added.

This plan will raise the total number of THAI jets grounded to 24; 12 planes were earlier grounded for engine maintenance, resulting in the company having 54 planes in operation from the 80-strong fleet “Grounding the planes will help the company save on engine depreciation fee, which is usually at $600-$900 or Bt17,000-2,800 per flight hour,” said Cherdphan. “We will also save expenses on crews, pilots and ground services for these planes.”

Last Friday (March 13), the Civil Aviation Authority of Thailand (CAAT) asked the Civil Aviation Board to consider measures proposed by airlines suffering the effects of the Covid-19 outbreak. One proposal is for a 50-per-cent reduction till the year-end in fees charged for landing, parking, office rentals and other services. Others would see the two-week process for approving requests for flight adjustments shortened and passenger-service charges halved to encourage more people to fly.

brunos

We should realize that longhaul travel is coming to a halt with Europe, USA and many other countries going in a lockdown. Regional travel will be down to a trickle, even with the not-credible number of cases reported in Thailand. Most of TG planes will be grounded.

dsquared37

And the onerous requirements for even Thai nationals to return home mean most of them will be staying put too.

andyptrav

Effective 01APR-24OCT20 TG910/TG911 will operate with B777-300ER.

In addition THAI will be suspending TG916/917 between 07APR20-13APR20, 23APR20-30APR20, 02MAY20- 24OCT20

So effectively one flight a day LHR - BKK and no A380. I think all A380s will be grounded to save money, 2 engines less maintenance than 4 and it seems they don't expect to need the capacity. Luckily TG don't have a hundered of them like Emirates. I believe that due to the inept handling by governments of this minor virus problem and their seeming desire to shut the world economy down due to something slightly more dangerous than flu, TG will be lucky to fill the B777.

Creole Spirit

https://www.nationthailand.com/busin...ernal_referral

an quite unique:
http://thai.listedcompany.com/newsro...701430268E.pdf

brunos

How could TG prepare a credible turnaround plan for the next couple of years. Who knows how much traffic there will be in late 2020, 2021 and 2022? Maybe 10% of 2019 in H2 2020, maybe 40% in 2021, who knows?

oh_lol

TG to file for bankruptcy

https://www.thaienquirer.com/13140/t...ghted-by-sepo/

CPH-Flyer

Sounds a bit like a US chapter 11, used to shed the costly parts.

brunos

As typical in Thailand, it sounds face-saving:
https://www.straitstimes.com/busines...b-plan-instead

TG was already having huge problems pre-Covid. It would make a lot of sense to let it bankrupt and then restart a smaller, more efficient airline. MH followed some interesting bankruptcy path a while ago.
But it seems difficult to believe that a rational and efficient solution will emerge for TG.

Thaikwai

"rational and efficient"......two very strange words to use in any context related to THAI or this bungling excuse for a dictatorship disguised (badly) as a government!!!