THAI Airways International reported a foreign exchange loss of about 1.56 billion baht (HK$483 million) in the past nine months because of the appreciation of the yen against the baht. From October 1 to June 30, the yen appreciated 15.8 per cent against the baht. In the current quarter, the baht-yen relationship reversed, with the yen depreciating 7.4 per cent since July 1. Company president Thamnoon Wanglee was quoted by Thai newspapers saying that the figure was twice the expected loss from foreign exchange that it predicted last year. Mr Thamnoon was quoted by the Thai Rath newspaper, saying 35 per cent of Thai Airways' debt was dollar denominated, with 25 per cent in yen. The dollar stood at just over 91 yen in trade in Tokyo yesterday, after making gains from the low 80s in recent months. A company official said Thai Airways' third quarter results would be available next week. Phatra Thanakit airline industry analyst Varut Kajonvakin said most of the accrued loss was from 46 billion yen (US$3.9 billion) worth of Samurai bonds the airline sold last September. 'The forex loss is really a paper loss because it doesn't reflect the gain from tickets purchased in yen,' Mr Varut said. Samurai bonds - bonds sold in Japan by foreign companies - were issued to better match the company's debt payments with revenue, as Thai Airways earns about 15 per cent of its revenue in yen because of flights to and from Japan, he said. 'A lot of Thai companies that borrowed in yen or deutschemarks have incurred forex losses,' he said.