Thai Airways reported its worst ever full-year financial performance, with an annual loss of $4.7 billion for 2020.
It was actually the highest loss recorded for a Thai company, based on Stock Exchange of Thailand data.
Ticket revenue plunged 73.8% to THB48.3 billion while it posted a one-time charge of THB92 billion for its employee separation plan as well as large impairment losses on aircraft.
It comes just a few days before the airline submits a final debt rehabilitation plan to the bankruptcy court in a bid to significantly reduce its liabilities.
The availability of vaccine supply and how quickly Covid jabs are carried out in Thailand and overseas will determine how quickly the airline can recover.
"Vaccines will be a significant factor in the aviation industry because it affects entry restriction policy of Thailand and other countries around the world," Thai Airways said.
"However, air travel around the world is expected to return to normal in 2024."
Thai Airways shares were suspended by the Stock Exchange of Thailand as it mulls whether to delist the airline due to its negative equity.
Written by Ray Montgomery, Asia Editor
