Thai Airways International (THAI) suffered a loss in the third quarter of 2013, as it continues to be impacted by strong competition.
The national carrier recorded an operating loss of THB2.09 billion (US$65.8 million) in the three months to 30 September 2013, down from a profit of THB2.49bn in the same period last year.
Revenues increased to THB51.35bn in the quarter, but were outpaced by a strong rise in expenses. In particular, the company’s labour costs jumped 16.3% year-on-year, due to overtime and outsourcing costs relating to a shortage of workers. THAI also reported a THB2.89bn loss on foreign currency exchange.
The slower revenue growth was attributed to “high competition and impact from economic slowdown in various regions around the world”.
For the first nine months of the year, THAI has now recorded an operating loss of THB544m, compared to a profit of THB5.58bn in the corresponding period in 2012.