Also THAI president Charamporn Jotikasthira revealed at a press conference after the approval that the airline has been given two years to reverse losses over the past five quarters and the Bt 9.21 billion loss in the first nine months (ending December) of fiscal 2014 - 2015. It recorded a loss of Bt 12 billion in 2013-2014.
Further more , A THAI executive said Madrid and Moscow would be axed in March. The airline is running three flights to Madrid and four to Moscow each week. He simply attributed it to poor performance and dwindling passengers. More could be chopped, like Milan, Los Angeles and some destinations in China and Australia.
Many, caught off-guard by the steady and wide-margin free fall in fuel costs, are still paying pre-plunge prices for forward volumes resulting from hedging, say airline executives.
To protect themselves against wild fluctuations and upside price trends, which have been the case in the past, they hedged relatively heavily.
For instance, flag carrier Thai Airways International (THAI) reportedly has as much as 70% of its jet fuel requirement hedged at about US$90 a barrel, compared with $66.35 a barrel quoted on Singapore's spot market on Tuesday.