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Thai Airways shares suspended after auditors decline to sign off on accounts

Thai Airways shares suspended after auditors decline to sign off on accounts

Empty lines are seen at Thai Airways counters in Suvarnabhumi Airport in Bangkok, Thailand, Apr 30, 2020. (Photo: Reuters/Soe Zeya Tun)

BANGKOK: Thai Airways International shares were suspended by the bourse on Friday (Aug 14) after auditors declined to sign off on its financial statements for the six months to Jun 30.

Auditor Deloitte Touche Tohmatsu Jaiyos said it could not reach a conclusion on the statements due to issues including a lack of liquidity and debt defaults which created "material uncertainty" and may affect the value of assets and liabilities.

Thai Airways is under bankruptcy protection and is due to submit its rehabilitation plan to the bankruptcy court on Monday.

In a statement, the airline said losses from operations since 2013 had resulted in a capital deficiency.

Thai Airways booked losses of 22.68 billion baht (US$730.4 million) and 5.35 billion baht its first and second quarters, respectively, according to a delayed earnings report released late Thursday.

The collapse of travel and tourism due to the outbreak of COVID-19 slashed revenue by 23.7 per cent to 38 billion baht in the first quarter, Acting President Chansin Treenuchagron said on Friday.

In the three months ending in June, it booked 2.49 billion baht in revenue, down 94.1 per cent from the same period a year earlier.

The airline began suspending flights in February.

Source: Reuters/zl

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