1. Operating Results for Fiscal Year 2008
At THAI’s Annual General Shareholders’ Meeting, it was reported that during fiscal year 2008 ending 31 December 2008, the Company’s total revenues amounted to THB 202,605 million, which was an increase of 1.3% from the same period last year. However, total expenses totaled THB 226,205 million, which was an increase of 16.9% over the same period last year. The Company’s loss before tax was THB 23,600 million while the Company’s net loss was THB 21,379 million or THB 12.58 per share, which was lower than the net profit of THB 4,368 million or THB 2.57 per share earned last year.
Not including the loss on foreign currency exchange as well as the reserve of the estimated damages for Antitrust or Competition Lawsuit and also the impairment loss of aircraft, the Company’s loss before tax was THB 10,413 million.
As of December 31, 2008, the Company’s total assets were THB 259,534 million, which was a decrease of THB 20,741 million from as of December 31, 2007. Total liabilities were THB 213,652 million, which increased by THB 1,402 million from last year. Total shareholders’ equity was THB 45,882 million, which was a decrease of THB 22,143 million from last year.
2. Distribution of Dividend
THAI’s Annual General Shareholders’ Meeting approved the non-distribution of dividend for fiscal year 2008 due to crises that affected the Company’s financial performance, such as fuel cost that rose to the highest level in history, the global economic slow down, and political unrest in the country.
3. Appointment of New Members of the Board of Directors
THAI’s Annual General Shareholders’ Meeting approved the appointment of the Board of Directors, replacing former board members, as follows:
1. Mr. Surachai Tansitpong Director
2. Mr. Suparat Kawatkul Director
3. Mr. Chaisak Angasuwan Director
4. Mr. Areepong Bhoocha-oom Director
5. ACM Satipong Sukvimol Director
6. Mr. Amornsuk Noparumpa Director
7. Mr. Ampon Kittiampon Director
8. Mr. Pichai Chunhavajira Director
9. Mr. Banyong Pongpanich Director
10. Mr. Kobchai Srivilas Director
11. Mr. Kanit Sangsubhan Director
12. Mr. Wallop Bhukkanasut Director
13. Mr. Weerawong Chittmittrapap Director
Attending THAI’s Annual General Shareholders Meeting were 1,799 shareholders, representing 1,367,262,165 shares.
Furthermore, during the past year, the company received the following awards:
- Received the Best International Airline Award for the 4th consecutive year at the Norwegian Grand Travel Award 2008 from the Norwegian travel industry.
- Received 3rd rank amongst the Top 10 Airlines: Worldwide for the 2nd consecutive year while THAI’s business class ranked 3rd among the Top 10 Airlines. THAI was ranked 2nd among the Top 10 Airlines for cabin service from a consumer survey by Smart Travel Asia, a travel related internet-based website.
- THAI was ranked 3rd by Travel and Leisure magazine for outstanding ground service, convenience and comfort received during travel and for inflight meals at The World’s Best Award 2008 Top 10 International Airlines.
- THAI was ranked 3rd among the best airlines in the world for the 2nd consecutive year at the 5th Go Asia Award from votes received from readers of Consumer Travel and Reise & Preise magazines which are German based travel magazines.
- THAI was ranked 2nd for its first class lounge by Skytrax Airline of the Year 2008.
- THAI was chosen among 5 for best first and business class ranking by Australia-based Luxury Travel Magazine’s Gold List 2008 and was ranked 2nd among airlines for a repeat business.
- Received 2 awards at the 22nd Aseanta Awards for Excellence in Tourism 2008 (The Asean Tourism Association) — First being the “Best Asian Airline Programme” for THAI’s “Family Getaways” campaign from Eurng Luang Tours. The second award being for THAI’s poster picture for Krabi.
- Received 3 awards from the Ministry of Energy at the Thailand Energy Award 2008 for energy conservation — Staff Award: Controller of Operations Control Building; Award for Operations Control Building: Head Office; and Award for Energy Saving Building (New Building): Operations Center Building.
- Received a runner up award at the Asean Energy Awards 2008 for New and Existing Buildings in Singapore.
- Received Suriyasasithorn Award for outstanding hanging calendar in the area of enhancement of the society and environment and a runner-up award for THAI’s desk calendar for the same area for 2008 from the Thai National Association of Public Relations.
- Received an award for best facilities geared towards accommodating handicapped persons for 2008 from National Office for Empowerment of Persons with Disabilities (NEP).