BANGKOK: Thai Airways International Pcl cut its losses for the second quarter, helped by a decline in fuel expenses and gains from an ongoing restructuring programme at the flag carrier.
The state-controlled carrier made a net loss of 2.92 billion baht ($84.15 million) for the April-June quarter, versus a 12.8 billion baht loss a year earlier. That compared with the average loss estimate of 2.1 billion baht, according to three analysts surveyed by Reuters.
Thai Airways is one of several state-controlled companies undergoing reform in the Southeast Asian nation since the military seized power in May 2014.
It returned to profit in the fourth quarter of 2015, shrinking its full-year loss as a restructuring that reduced operating costs and boosted passenger revenues bore fruit.
The airline posted an operating loss of 1.78 billion baht for the second quarter, down 62 percent, while fuel expenses dropped 21.3 percent as a result of falling prices of jet fuel, it said in a statement.
Thai Airways shares have risen 123 percent over the past 12 months, outperforming a 10 percent gain in the main Thai index.
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