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Thai Airways shares suspended after auditor concern
Embattled flag carrier Thai Airways’ shares were suspended after auditors refused to sign off its half-year financial results.
Auditor Deloitte Touche Tohmatsu Jaiyos Co Ltd said there is a ‘material uncertainty’ over the value of assets and liabilities due to a lack of clarity on liquidity and debt defaults.
The airline posted losses of nearly $900 million.
Second-quarter revenue was down 94.1%.
Thai Airways is under bankruptcy protection and was due to submit its restructuring plan to the bankruptcy court on 17 August.
The airline has managed to reduce outgoings significantly with the voluntary reduction in salaries for April through December.
It said costs were down nearly 65% in the second quarter compared to pre-pandemic levels, however passenger traffic has slumped 98.6% since the beginning of the pandemic.
Written by Ray Montgomery, Asia Pacific editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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