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New Thai Airways chief vows to clear losses by 2022

Plans to buy 23 planes face review under sharper focus on costs

A Thai Airways Boeing 777 takes off from Bangkok's Suvarnabhumi Airport. Thailand's flag carrier has lost money for most of the past decade.   © Reuters

BANGKOK -- Troubled flag carrier Thai Airways International aims to clear away accumulated losses of $750 million by 2022 on its way to restoring profitability, new President Sumeth Damrongchaitham, who took a helm vacant for nearly two years, said on Sept. 20.

Addressing employees at headquarters in Bangkok and via social media, Sumeth also said the airline will achieve "sustainable profits" by 2027. The company has lost money for most of the past decade owing to intensifying competition with low-cost carriers.

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