AVIATION
Dec airport closures lead AoT 4Q08 losses
- Published: 17/02/2009 at 12:00 AM
- Newspaper section: Business
The seizure of Bangkok airports by political protesters and a huge foreign exchange loss caused Airports of Thailand Plc (AoT) to post a 1.68 billion baht net loss in the October-December 2008 quarter.
The seizure of Bangkok airports and forex losses have hit the airport operator.
It represents the first loss since the majority-state-owned airport operating firm was listed in the Stock Exchange of Thailand in 2004.
The first quarter of the 2009 fiscal year was a sharp reversal from the same period a year ago when AoT recorded a net profit of 339 million baht.
However, the loss of 1.18 baht per share was better than the 2.5 billion baht net loss forecast by three analysts surveyed by Reuters.
The poor showing came "as a result of the world financial crisis together with domestic unrest," said AoT senior executive Supaporn Burapakusolsri.
The closure of Suvarnabhumi and Don Mueang airports from Nov 25 to Dec 5 was a major factor in a 23.44% drop in AoT's aeronautical revenue to 2.93 billion baht.
The cut in landing and parking fees to help airlines weather the downturn in passenger demand during the Bangkok airport crisis also contributed to lower non-aeronautical revenue.
It eclipsed the benefits arising from the 55.32% jump in non-aeronautical revenues to 2.47 billion baht, driven by revenue from duty free business and commercial activities, namely the King Power group.
A foreign exchange loss of 2.34 billion baht due to the strengthening of the Japanese yen was a U-turn from the gain of 47.26 billion baht recorded in the same period last year.
Among the six airports operated by AoT, the flagship Suvarnabhumi, which deals with the bulk of passengers in Thailand and was hardest hit by the protests, registered the sharpest contraction in passenger throughput, with a 37.63% year-on-year fall in December to 2.35 million.
Analysts said AoT's financial outlook for 2009 does not look very promising as the deepening global economic crisis would reduce passenger volume as many airlines cut capacities.
AoT ended its 2008 fiscal year to Sept 30 with a net profit of 7.32 billion baht (5.12 baht a share), up 571.8% year-on-year, due mainly to an extraordinary gain in the form of compensation from King Power.
Shares of AOT on the SET yesterday closed at 17.9 baht, down 20 satang, in trade worth 25.14 million baht.
About the author
- Writer: BOONSONG KOSITCHOTETHANA
