SET-listed Central Plaza Hotel Plc (CENTEL) achieved consolidated revenue of 18.3 billion baht for 2014, up by 4.7%, as the prolonged political impasse that started in late 2013 stunted growth, says chairman Suthikiati Chirathivat.
However, net profit declined by 11.2% to 1.19 billion.
The lower net profit was attributed to the political turmoil, which caused a fall of 6.77% in international tourist arrivals to 24.8 million in 2014 from 26.6 million in 2013.
Suthikiati: Hotels done in by politics
The revenue mix for 2014 was slightly changed to 45.5% from the hotel business, down from 47.4% in 2013, and 54.5% for the food business from 52.6%.
The hotel business suffered from political turmoil throughout the first half of 2014, resulting in occupancy dropping 6.3 percentage points to 74.8%. Its average prices were higher, causing revenue to rise by 1.4% and allowing refurbishment of resorts upcountry and two hotels in the Maldives.
Centel's food business improved along with consumer confidence in the second half, with revenue up 8.5% year-on-year.
In 2014, the company's consolidated earnings before interest, tax, depreciation and amortisation were 3.57 billion, down by 5.9% from 2013. However, the board of directors resolved to pay a dividend of 40 satang a share, on a par with last year, or 45.4% of the profit after consolidation.
CENTEL shares closed yesterday on the SET at 31.25 baht, down 25 satang, in trade worth 19.8 million baht.