Thai Airways International Announces Financial Results for Fiscal Year 2002/03

Thai Airways International announced its financial results for the fiscal year ending September 30, 2003, reporting a net profit of 12,453 million Baht.

Mr. Kanok Abhiradee, THAI’s President, said that THAI earned total revenues of 134,536 million Baht in the year ended September 30, 2003 and realized a net profit of 12,453 million Baht, an increase of 2,271 million Baht, or 22.3 percent over the prior fiscal year. This translated into earnings per share of 8.90 Baht for the year ended September 30, 2003 compared to 7.27 Baht in the prior year.

Although the company was affected by the outbreak of Severe Acute Respiratory Syndrome (SARS) and the Iraq War, the revenues from the sale of goods and the rendering of services of the company increased from last year by 5,521 million Baht or 4.3 percent. Moreover, the company recorded a net gained on foreign currency exchange of 4,160 million Baht due to the strengthened Thai Baht. The company’s selling and administrative expenses increased 6,495 million Baht or 5.9 percent from 110,327 million Baht last year to 116,822 million Baht due to the increase in fuel price.