first-year performance of Charamporn Jotikasthira, president of
loss-making Thai Airways International Plc (THAI) as the
national carrier braces for record losses this year, senior
government sources said Tuesday. Mr Charamporn,
a 58-year-old veteran banker and computer scientist, will be
given another six months to turn the 55-year-old airline's
fortunes around or face the axe, a cabinet source said.
"Currently the prime minister is
dissatisfied with Mr Charamporn,"
said the policy-making source, who
declined to be identified.
"He may survive this year's evaluation
and be given another
six months to prove himself. If he continues to miss
targets,
he won't survive the next evaluation round.
" After a rosy five-year record as
president of the the Stock
Exchange of Thailand, Mr Charamporn was appointed
THAI
chief last December promising a "big change".
See
also: New ICAO safety checks due soon
He pledged to make the state-owned airline
"undergo an
urgent transformation" over three reorganisational
stages,
focused on preventing further losses, strengthening the firm's
competitive
business advantage, and building long-term
sustainable growth.
"The plan for the debt-ridden airline
includes revenue generation,
rigorous financial discipline, customer service
improvement
and human resource development," Mr Charamporn said in
the
airline's 2014 annual report.
But the company last week posted 18.1
billion baht in losses for
the first nine months, up a sharp 97.2% on the same
period last
year, raising the likelihood
the flag carrier's losses this year
could equal or exceed the all-time high of
21.3 billion baht in
losses posted in 2008. The massive loss has forced the company's
top eight executives to accept salary cuts of up to 10% in months
that the company suffers losses in the future.
High salaries and other perks for top
management at THAI were
among the points of concern that Mr Charampon has
failed to
rein in, Transport Ministry officials said Tuesday.
His decision to hire a foreign aviation
expert as a personal
consultant for six months, paying him 10.5 million baht,
as well
as hire a consultancy firm to restructure the airline,
also upset the
board and some cabinet ministers, the sources said.
Mr Charamporn did not answer requests for
comment by the
Bangkok Post.
Speaking after a THAI board meeting last week,
Mr Charamporn
said the airline registered 9.89 billion baht in losses in the
third
quarter of this year -- 4.23 billion baht of which stemmed from
aviation
business operations and 4.63 billion baht from
exchange rate fluctuations and
damages to assets and aircraft.
Meanwhile, former THAI president Piyasvasti
Amranand has
denied accusations the airline's losses in 2015 were partly
caused
by fuel-hedging decisions he had made during his
October 2009-June 2012 term.
The airline reported a net profit of 6.23
billion baht in 2012,
net losses of 12.05 billion baht in 2013 and and 15.61
billion
baht in 2014.
During a speech to lawmakers and policy-makers last
month,
Gen Prayut vowed to tackle inefficiency at loss-making and
debt-ridden
state enterprises, telling their executives to consider
cutting their salaries
as a means of reducing losses,
particularly at Thai Airways.
"I will overhaul them. Each organisation
hires a large number
of people, but when they introduced early retirement incentive
programmes to cut costs, only low-level staff left, not high-level
executives," Gen Prayut said.
THAI
said last week that staff cuts, outlined in its "Mutual
Separation Plan",
saved the company3.722 billion baht in the
first nine months of this year.
News,General,Bangkok Post, 18 November 2015.
In my viewpoint THAI reported 9.89 billion
baht in losses in
the
third quarter of this year -- 4.23 billion baht of which
stemmed from aviation
business operations and 4.63 billion
baht from exchange rate fluctuations and damages to
assets
and aircraft.
make effective administrative to increase
profit.
to make the profit to the airline but must
implement
effectively.
Hope everything can adjust and THAI can
improve to
make profit in the future.
Sincerely Yours.
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