PB Air has closed its operations for good after 19 years in existence and accumulated losses of some 2 billion baht.
Boon Rawd Brewery baron Piya Bhirom Bhakdi, who founded the carrier, has called it quits after attempts to find a foreign buyer for the “great little airline” failed.
Furthermore, Mr Piya has opted to devote his financial resources and attention on his new luxury hospitality venture, the 3-billion-baht Ritz-Carlton Reserve in Krabi’s Phulay Bay, which is due to open on Dec 22.
The profit outlook for airline business in general has been very poor, another factor that drove him to make the difficult decision to close the company he was once passionate about.
While Mr Piya could not be reached for comment, an insider told the Bangkok Post: "He seemed to have lost the passion for owning and running an airline. He gave up.
“I don’t think PB Air will be flying ever again,” he said.
The airline is in the process of winding up and its chief executive Pornsartid Naruenartwanich recently resigned.
Industry sources said PB Air had hoped to find foreign partners to support its revised business plan, which included the leasing of two turboprop Saab 340s from the US-based aircraft lessor AeroCentury for five years.
But the inability to reach an agreement with prospective partners complicated the delivery of the two Saab 340s to PB Air that were planned for September and October.
Mr Pornsartid blamed AeroCentury for delays as the airline found the condition of the aircraft unacceptable and suggested a new delivery date - the end of this month.
The complication forced PB Air to suspend all flights, starting last month, as it has no aircraft at its disposal.
Bangkok Airways took back the two ATR 72-500s (bigger turboprops each capable of carrying 70 passengers) leased to it after the contract expired in October.
PB Air initially leased Bangkok Airways’s ATR 72-500s after it returned two Brazilian-made Embraer ERJ 145 LR jets to the American aircraft lessor Gecas on April 18 after seven years in the airline’s service.
PB Air was operating from Bangkok’s Suvarnabhumi Airport to six domestic destinations including Lampang, Mae Sot, Nan, Nakhon Phanom, Sakhon Nakhon, Buri Ram and Roi-et.
As a result of the suspension, authorities have asked Nok Air, the budget airline owned 39% by Thai Airways international (THAI), to take over three routes PB Air once operated - flights from Bangkok’s old Don Mueang Airport to Sakhon Nakhon, Nakhon Phanom and Buri Ram.
Nok Air yesterday began flying those routes - three flights a week each to Sakhon Nakhon and Nakhon Phanom and two flights a week to Buri Ram - using an ATR 72 leased from THAI.
Mr Piya, through PB Partner Group, a privately owned company he controls, is concentrating on the Phulay Bay property which boasts 54 pool villas and pavilions for which room rates range from 19,550 to 68,000 baht per night
Bron: Bangkok Post
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