SET-listed Airports of Thailand Plc (AoT) posted a 7.1% increase in net profit for the year to Sept 30, buoyed by a surge in air traffic.
The state-controlled firm made 20.68 billion baht, up from 19.31 billion a year earlier, on 56.74 billion baht in revenue, up 7.9%.
AoT's results, considered the best among aviation-related companies listed on the Stock Exchange of Thailand, were propelled by continued growth in air traffic volume through the six major airports in Thailand under its management.
Its filing with the SET said AoT handled 823,574 aircraft movements, up 6%, comprising 415,338 international and 408,236 domestic movements for the year.
Combined passenger throughput rose 7.7% to 129.20 million, breaking down to 72.54 million international and 56.66 million domestic, all driven by Thailand's burgeoning tourism sector.
AoT's revenue from aeronautical operations increased 5.6% to 30.8 billion baht, while non-aeronautical revenue jumped 10.6% to 24.1 billion baht.
The company's top income earner, passenger service charges, rose 6% to 23.3 billion baht, while the second-largest income source, concession fees, leapt 8.3% to 14.8 billion baht.
Low-cost carriers were cited as a main driver in the rise of air traffic volume at AoT-run airports, which include Suvarnabhumi and Don Mueang.
The openings of Terminal 2 at Don Mueang on March 8, 2016 and the international terminal at Phuket airport on Sept 16, 2016 afforded more capacity for AoT to accommodate increased passenger volumes, said Poolsiri Virojanapa, senior executive vice-president for accounting and finance at AoT.
Profitability ratios for the year remained robust, but return on equity edged down to 16.5% in fiscal 2017 from 17% the year before. Return on total assets improved to 11.8% from 11.6%.
SET-listed Thai Airways International reported 3.87 billion baht in net losses for the first nine months this year, widening from 1.47 billion baht in losses in the year-ago period.
Bangkok Airways posted a net loss of 143 million baht for the first nine months, compared with 2.08 billion baht in net profit a year earlier.
Asia Aviation, the holding firm of low-cost carrier Thai AirAsia, made a 1-billion-baht profit, down 45% from the first nine months of 2016.
Nok Air narrowed its loss to 1.62 billion baht in the period, down from 2.11 billion baht previously.