Thai Airways International is to auction off many in-flight items, stored in its warehouses, and lease its three office buildings to generate badly-needed revenue while the airline is unable to operate fully due to COVID-19 lockdown restrictions.

THAI Acting President Chansin Treenuchagron said today that, while the rehabilitation plan for the financially-strapped national flag carrier is still being worked out, and is expected to be completed within the fourth quarter of this year for submission to the Central Bankruptcy Court, it has to adjust its strategy to utilize its existing resources to generate revenue.

Before the COVID-19 pandemic, THAI’s annual pre-tax revenue was estimated at between 200-300 billion baht, or an average of over 10 billion baht per month, he said, adding that the airline now earns only about 500-600 million baht per month.

A team of staff has been formed to survey the assets held in the airline’s warehouses, valued at an estimated one billion baht. They include kitchenware, such as cutlery, glasses, dishes, as well as seat covers, aircraft tyres, liquor and more.

Also, Chansin said office buildings, namely the head office building and the Rak Khun Thao Fah building on Vibhavadi Rangsit Highway, will be leased out to businesses looking for office space.

As for the air crew centre, on the local road approaching Don Mueang airport, the Civil Aviation Authority of Thailand has already offered to rent the building.

Earlier this month, THAI announced plans to sell, by auction, 34 used aircraft, each averaging 20 years old.