Bangkok (XFN-ASIA) - National airport operator Airports of
Thailand (AOT) said its second-quarter net profit nosedived nearly 90 pct to
449 mln baht in the three months to March from 3.73 bln in the same period a
year before due to a drop in foreign exchange gains and depressed sales from
AOT, which runs six airports including Bangkok's new Suvarnabhumi Airport, said it was its worst quarterly earning performance.
The figure was down by 87.9 pct year-on-year and the airport operator blamed a drop in foreign exchange gains for the falling profit.
"A decrease in foreign exchange gains led to a drop in net profit," the company said in a statement, adding foreign exchange gains dropped 1.4 bln baht during the quarter.
The baht, which last year soared nearly 12 pct against the dollar, remains at nine-year highs against the US currency and was quoted at 34.55 to the unit.
AOT said profit also plunged due to falling sales from King Power, Thailand's only duty-free retailer, but added its revenue increased 14.4 pct year-on-year to 4.89 bln baht thanks to air traffic growth.
In the six months to March, the airport operator said its net profit dropped 82.5 pct year-on-year to 1.22 bln baht but revenue rose by 9.2 pc to 9.0 bln baht.
Bangkok's Suvarnabhumi airport, which opened in September last year, has a capacity of 45 mln passengers per year.
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