Thai Airways first quarter net profit halved, SIA and Cathay report good forward bookings

Thai Airways reported a 48% reduction in net profit and a 23% fall in operating profit in the three months ended 31-Mar-08, as higher fuel costs (+40% year-on-year) and currency losses offset double-digit growth in revenue, buoyant demand and higher load factors. Almost half of Thai Airways' debt is euro denominated, which appreciated by 14% against the Thai baht in the first quarter.