Airports of Thailand profits rebound

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Airports of Thailand profits rebound 
Bangkok Post: 16 Feb 2010
AoT profits return in last quarter

Airports of Thailand Plc pulled off a financial turnaround last quarter by reporting a net profit of 798 million baht.

The earnings of 56 satang a share in the period to Dec 31 marked a reversal from the same period a year earlier when AoT recorded losses of 1.68 billion baht or 1.18 baht a share.

The return to profitability in the first quarter of the fiscal year was largely driven by foreign-exchange gains, the economic recovery and a surge in arrivals compared to the same period the previous year which was marred by mass protests and political turmoil.

AoT, which operates the country's six major airports including Suvarnabhumi, recorded a foreign-exchange gain of 440.8 million baht, versus a loss of 2.34 billion the year before, thanks to the baht's appreciation.

Revenue increased by 15.22% year-on-year to 6.22 billion baht, with income from aeronautical operations growing by 18.16% to 3.46 billion baht while non-aeronautical revenue rose by 11.74% to 2.76 billion.

Total expenses also rose, increasing by 11.93% to 4.82 billion baht, according to an AoT statement issued yesterday.

The majority state-owned enterprise's improved revenue resulted from increasing flight frequencies and rising passenger and cargo traffic through its airports which registered year-on-year growth of 19.61%, 33.72% and 26.71%, respectively.

AoT lost 10 days of business from Nov 25 to Dec 4, 2008 when the People's Alliance for Democracy occupied Suvarnabhumi and Don Mueang airports in Bangkok. Traffic through the airports plunged as travellers shunned Thailand.

Profit in the last quarter fell short of the 1.18 billion baht forecast by a Thomson Reuters poll of three analysts.

But AoT and analysts agreed that the company would post a higher net profit for fiscal 2010 than the 717.26 million baht (50 satang a share) in fiscal 2009.

http://www.bangkokpost.com/business/aviation/32971/aot-profits-return-in-last-quarter