Home World News Trading in THAI shares halted, auditors decline to sign off on accounts

Trading in THAI shares halted, auditors decline to sign off on accounts

by qualityeducation
Idle Thai Airways planes parked at Suvarnabhumi airport on May 25. (Photo: Reuters)

Trading in Thai Airways International Plc shares was suspended by the Stock Exchange of Thailand on Friday after auditors declined to sign off on its financial statements for the six months to June 30.

Auditor Deloitte Touche Tohmatsu Jaiyos Co 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 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 booked losses of 22.68 billion baht and 5.35 billion baht in the first and second quarters, respectively, according to a delayed earnings report released late on Thursday.

The collapse of travel and tourism due to the coronavirus pandemic slashed revenue by 23.7% to 38 billion baht in the first quarter, THAI 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% from the same period a year earlier.

The airline began suspending flights in February.

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