Airports of Thailand Plc (AoT) finished its fiscal year ended Sept 30 by almost tripling its earnings thanks mainly to resumed air traffic growth following the flood crisis.
The state-controlled airport operator posted a net profit of 6.49 billion baht from October 2011 to September 2012 or 4.54 baht a share, up by 194% from 2.21 billion (1.55 baht a share) the previous year.
Driving profitability was a 6.39% increase in revenue to 30.5 billion baht as air traffic volume at AoT's six airports including Suvarnabhumi resumed their normal growth rates after last year's floods.
Supaporn Burapakusolsri, a senior executive vice-president, said aircraft, passenger and cargo movements during the year rose by 8.81%, 7.87% and 2.31%, respectively.
A foreign exchange gain of 223 million baht due to the depreciation of the yen, reversing a forex loss the previous year, also contributed to the higher profit.
Revenue from aeronautical operations gained 7.33% year-on-year to 18.4 billion baht, while non-aeronautical operations grew by 4.99%.
A 40.6% decrease in depreciation and amortisation to 4.66 billion baht, the result of some assets at Suvarnabhumi fully depreciating past their usage date, also drove higher earnings, said Ms Supaporn.
Total passenger traffic through AoT-operated airports for the fiscal year was 71.5 million.
However, the 2011-2012 growth rate for passenger traffic was slower than the previous year's 15.5%.
About the author
- Writer: Boonsong Kositchotethana
Position: Deputy Editor Business