(Bloomberg) -- Thai Airways International Pcl’s fourth quarter profit almost tripled after Thailand eased pandemic-related border restrictions and tourists started to come back to the popular Southeast Asia holiday destination.

The carrier’s net income for the three months ended Dec. 31 rose to 11.2 billion baht ($322 million) from 4 billion baht a year earlier, Chief Executive Officer Chai Eamsiri said on Friday. Operating income for the period was 8.9 billion baht versus a 2.6 billion baht loss a year earlier, while total revenue jumped almost 370% to 36.9 billion baht.

“The return of Chinese travelers will help support our strong growth in 2023,” Chai told a press briefing. “Demand is so high that we’re scrambling to add flights and procure more aircraft.”

Thai Airways plans to exit from a court-supervised debt restructuring earlier than scheduled in late 2024 as a rebound in global air travel boosts its cash flow and reduces the need for new loans. The airline, which has posted net losses every year barring two since 2013, filed for bankruptcy protection in 2020 before most creditors agreed to extend terms and cut some payments as part of its $5.3 billion rehabilitation plan.

For the full year, Thai Airways’ operating loss excluding one-time items came in at 4.6 billion baht, down from a 29.2 billion baht deficit in 2021. The company’s net loss for the period was 252 million baht versus a 55 billion baht profit a year earlier, when it booked a one-time gain of about 62 billion baht from a debt restructuring. Total operating revenue in 2022 jumped 342% to 105 billion baht.

Thailand’s flagship airline expects to carry about 19 million passengers this year, up from 9 million in 2022, according to Chai. Total revenue will probably reach 140 billion baht in 2023, he said.

The carrier also said it plans to increase flight frequencies and add new routes, as well as expand its fleet by nine jets in 2023, according to Friday’s statement. Its stock should also be able to resume trading in 2025.

In a separate filing, Asia Aviation Pcl, the operator of Thailand’s largest budget carrier Thai AirAsia, reported a profit of 3.1 billion baht for the fourth quarter ended Dec. 31, compared with a net loss of 993 million baht the same period a year earlier. Revenue more than tripled to 12.5 billion baht.

Shares in Asia Aviation climbed as much as 4.4%, the biggest intraday increase since late December.

(Recasts to lead with fourth quarter earnings, adds CEO comment.)

More stories like this are available on bloomberg.com

©2023 Bloomberg L.P.

Author: Anuchit Nguyen