Dusit Thailand reported total revenue of 587 million baht in the second quarter of 2021, a year-on-year increase of 163 million baht, or 38.4%.
Net losses were 376 million baht, a 17% improvement on the same period in the previous year.
Revenue in the first half of 2021 stood at 1.9 billion baht, up 15.3% year-on-year.
Suphajee Suthumpun, group chief executive of Dusit, said that the year-on-year improvements in revenue and loss during the second quarter and first half of 2021 reflected the company's stringent cost-control measures, strategic asset restructuring, growth of its international school catering business, and revenue generated by hotels.
"In the second quarter of 2020, the majority of our properties were temporarily closed in line with international measures to prevent the spread of Covid-19," said Mrs Suphajee.
"While our core business was, and continues to be, heavily impacted by the global pandemic this year, we have still been able to operate our hotels in various domestic markets. As such, we have enhanced our services to drive as much room and non-room revenue as possible in these destinations.
"Our bottom line has also benefited from the gain of sales of investment in an associated company, strategic asset restructuring, the expansion of our international school catering business in Vietnam, and disciplined focus on cost containment overall. Our efforts allowed for a 17.9% year-on-year cost saving in the second quarter of 2021, and helped to reduce the loss expected in the turbulent business environment."
In the first half of 2021, Dusit signed a deal to manage a new hotel property in Guam, under Dusit's White Label concept, its third hotel under management on the island.
In July 2021, Dusit expanded its food business by opening a new Kauai restaurant at Asoke Towers in Bangkok. It is the sixth Kauai branch in Bangkok, and the first in the city to operate outside of a Virgin Active Fitness Centre.
"We have taken great care to ensure our new openings are positioned to leverage pandemic-accelerated changes in consumer preferences to drive both short- and long-term revenue," Mrs Suphajee said.
She said the third wave of Covid-19 in Thailand was likely to continue to impact Dusit's business throughout the third quarter and beyond, so it was vital that the company continued planting strategic seeds for short-, mid-, and long-term success.
Mrs Suphajee added that Dusit has been expanding and diversifying its business to create new revenue streams, and enhancing products and services in line with the latest global trends. The company will also move ahead with its asset restructuring strategy to strengthen its balance sheet and liquidity position.
Most significant will be the sale and manage-back of the Dusit Princess Chiang Mai hotel, which will be recognised in the financial statements of the third quarter of this year.