Thai Airways International (THAI) suffered losses of about 13 billion baht (400 million dollars) last year, local media reported Saturday, according to dpa. Three billion baht of the losses was due to management problems and 5-6 billion baht was caused by unfavourable foreign exchange rates, a source on the THAI board was quoted as saying by the Bangkok Post. Five billion baht was lost in impaired assets, a decrease in the value of assets or other causes, it said. Losses are predicted to continue this year, partly due to 13 new aircraft which will result in higher operating costs, the source added. The national flag carrier's board of directors on Friday approved the resignation of Ampon Kittiampon as chairman, although he will remain on the board. He will be replaced by vice-chairman and air force commander Prachin Chantong, effective March 10, the report said.
