Thai Airways on Friday reported a net loss for the fourth quarter of 2011 because of severe floods that cut passenger numbers and the outcome was even worse than analysts had expected.
Thailand's flag carrier posted an October-December net loss of THB5.39 billion baht (USD$177.5 million), compared with a YHB2.94 billion profit a year earlier.
Its net loss of THB10.2 billion baht for the full year compared with a net profit of THB15.35 billion in 2010.
Analysts expect its results to improve in 2012, helped by a recovery in its cabin factor, the percentage of passenger seats sold. It is aiming for a cabin factor of 74.98 percent this year, up from a year earlier.
High jet fuel prices plus rising costs for EU carbon credit collection, personnel and depreciation could, however, continue to put pressure on the airline's performance.
Gravity always wins!