Minor International Plc (MINT) reported a reviewed second-quarter net profit of 429.17 million baht, up 23.29% year-on-year.
From January to June, the reviewed net profit totalled 1.84 billion baht, up 18.95% year-on-year, the company said in a statement to the SET on Friday.
In the second quarter, revenue grew by 23% year-on-year, with restaurant services posting the highest growth of 15% due to the strong organic business operations, as well as the consolidation of Beijing Riverside & Courtyard in China, which was acquired at the end of 2012. Hotel and mixed-use business showed a 6% revenue growth, despite the temporary closure of Anantara Bophut Samui Resort & Spa, Anantara Veli Resort & Spa in the Maldives and Royal Garden Paza Bangkok for renovation, and permanent closure of Hua Hin Marriott Resort & Spa since July 2012, together with the negative foreign exchange impact on the overseas business from the strengthening of the Thai Baht.
The increase was primarily due to the strong tourist arrivals into Thailand, together with marketing efforts. Revenue of retail trading and contract manufacturing grew by 4% due mainly to the improvement in fashion and contract manufacturing business which was most affected after the flood in late 2011.
During the quarter, hotels made up 45% of revenue, mixed-use business and restaurants 45%, and retail trading and contract manufacturing 10%.
MINT has three primary businesses: restaurants (The Pizza Company, Swensen's, Sizzler, Dairy Queen, Burger King, etc), hotels (Anantara, Oaks, Avani, Four Seasons, St. Regis, etc) and lifestyle brands distribution (Gap, Esprit, Bossini, Charles & Keith, etc).
MINT shares closed on Friday on the SET at 24.50 baht, down 10 satang, in trade worth 160.18 million baht.