AoT profits from growth in tourism

AoT profits from growth in tourism

SET-listed Airports of Thailand Plc (AoT) posted a nearly 8% increase in net profit for the quarter to June, buoyed by the continued increase in air traffic.

The state-controlled airport firm netted 5.39 billion baht in the April-June quarter, up 7.9% year-on-year, on 13.89 billion baht in revenue, up 5.2%.

AoT has benefited from the continued rise in aircraft traffic and passenger throughput as a result of growing tourism, the recovery of Chinese inflow and the expansion of low-cost carriers in the wake of political stability.

In a filing with the Stock Exchange of Thailand yesterday, AoT reported a 9% increase in non-aeronautical revenue to 5.93 billion baht and 6.2% growth in aeronautical income.

The April-June period boosted the combined net profit for the nine-month period of AoT's fiscal 2017, which ends in September, by 12.1% to 16.89 billion baht.

Revenue for the nine months grew by 6.7% to 42.11 billion baht, a result of a 4.9% increase in aeronautical revenue to 23.01 billion baht and a 9.3% rise in non-aeronautical revenue to 17.76 billion baht.

AoT said aircraft movements through the six airports under its management soared 6.1% in the nine-month period to 616,708, while passenger throughput was up 7.5% at 96.77 million.

Contributing to higher income was a 46.81-million-baht foreign exchange gain.

Poolsiri Virojanapa, senior executive vice-president for accounting and finance at AoT, said the company stands to benefit from the opening of Terminal 2 at Don Mueang airport and the new terminal at Phuket airport.

AOT shares closed yesterday on the SET at 51.75 baht, down 75 satang, in heavy trade worth 1.41 billion baht.

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