Transport Ministry expects Suvarnabhumi Airport Hotel to gross more than THB700mil in 2012

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BANGKOK, 9 March 2012  – The Transport Minister is hopeful that the Suvarnabhumi Airport Hotel will enjoy sizable revenue in 2012, based on satisfactory performance during the first 5 months of the current fiscal year.

 

Minister of Transport Charupong Ruangsuwan said on Thursday that during October 2011 and February 2012, Suvarnabhumi Airport Hotel has recorded an average occupancy rate of 71%, the highest it has seen in 5 years.

Suvarnabhumi Airport Hotel is 60% owned by Airports of Thailand (AOT) PCL, with Thai Airways International PCL and Krung Thai Bank PCL respectively holding 30% and 10% shares in it.

The Transport Minister commented that the latest performance of Suvarnabhumi Airport Hotel is impressive, compared with that of the same period of last year, when the number was less than 50%

As a result, the hotel’s management expects the current fiscal year, ending on September 30th, 2012, will record gross revenue of THB716 million and profit before interest at around THB100 million.

So far, during the first 4 months of fiscal 2012, the hotel has achieved a net profit of THB26.85 million.

Mr. Charupong Ruangsuwan added that, for the time being, Suvarnabhumi Airport Hotel is trying to sort out its unresolved internal conflicts and planning to ask the AOT to waive the annual rent and other benefits of approximately THB30 million or postpone it for some time.