Thai Airways expects to bounce back to the black by 2023, though the carrier warns that it might miss a crucial deadline to resolve grounds for delisting.

In a stock exchange disclosure, Thai expects a full-year profit of at least Bt10 million ($298,000) in 2023, based on financial estimates which take into account factors such as international and domestic recovery.


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The Star Alliance carrier, which narrowed its operating losses in 2021, also targets shareholder equity to turn positive by 2024, a key criteria to prevent delisting.

However, it says that its estimates “may differ from the actual performance in future”.

“Therefore, Thai might not be able to fully eliminate [grounds for] delisting because shareholders’ equity might remain [negative],” says the airline, which intends to apply for a deadline extension with the Stock Exchange of Thailand to resolve its equity woes.

In the full-year to 31 December 2021, Thai posted an operating loss of Bt19.7 billion compared with an operating loss of Bt35.4 billion a year earlier. Revenues for the year fell 51% year on year to Bt23.7 billion.

Thai is currently undergoing business rehabilitation, after the country’s central bankruptcy courts approved its reorganisation plan in June 2021.